COVID-19 Insurance Tips for Enterprise and Small Business
Many business owners are making urgent and difficult changes in order to protect their business and their employees as a result of the COVID-19 Pandemic. Our insurance advisors have gathered some COVID-19 Insurance Tips to help you navigate the risk.
Have you made changes in your business operations or changed the use of your property or mobile devices as a result of the COVID-19 Pandemic? For your ongoing protection it is important that you advise your broker of significant changes to occupancy or operations.
Are you using corporate vehicles for personal use during the current State of Emergency? In order to protect your business and your team it is important to: educate staff on expectations, do not reduce or change insurance coverage if vehicles are not returned and restrict personal use of corporate vehicles.
Are team members using personal vehicles for deliveries or do you have additional team members making deliveries? You need to make certain your employee advises their personal insurance company of the change in use of their personal vehicle. Also, as always you need to advise your insurance company of any new drivers for your fleet.
Do you have a plan for vendor services interruption? Business owners may be facing an interruption of vendor services – cleaning, snow removal, fire protection equipment, elevator and/or other maintenance services. These potential interruptions may increase your business risk. It is important to confirm and monitor service agreements and develop contingency plans.
Are you and/or your employees working from home? Cyber threat is at an all time high. Be sure to seek advice from technology service providers, train and orient your team on phishing scams and contact your broker to advise of all changes in operations to ensure that your cyber insurance protection is optimized.
Do you own or lease buildings that are now vacant as a result of the State of Emergency declared for the COVID-19 Pandemic? It is important for you to notify your broker as your insurance company needs to know. We will help you understand possible coverage changes as a result of a vacancy and help you review additional risk control measures. You may face increased theft and vandalism exposure and have a need for enhanced security measures.
Are you doing enough to protect your employees at work? Several essential service businesses are installing plexiglass shields and refusing to accept cash to improve physical distancing and safety for their workers. It is your responsibility to help your employees be safe at work and reduce your risk of Employment Practices Claims. Business owners may be faced with claims for safety, closure, or even failure to close work sites or operations. It is important that you understand statutory orders, monitor for updates, comply with changes and other guidelines. If you are not clear you have an obligation to consult with authorities for clarity.
Business owners may be faced with Employment Practices Liability Claims related to layoffs or staff reductions. It will be important to consult with legal council and use human resource experts for these changes. Staff reduction and lay-offs may result in litigation for constructive dismal, wrongful termination, and more. Know your risk exposure and consult your key advisors.
Please be sure to call your dedicated account manager 1-800-704-5766 to discuss these or any other changes to your business. We are here to help you protect you and your business.
Sincerely
Heather Wilson
Wilson Insurance Ltd.