Excalibur Insurance
Excalibur Insurance Group

How to Protect Your Business During an Outbreak – Special Newsletter

Protecting Your Business During A Disease Outbreak

We Answer Your Insurance Questions

From panic-buying to school closures and ending the NBA’s season early, there certainly have been several developments this week when it comes to the COVID-19 virus.

Today, we’re reaching out to business owners like yourself to explain how to build a business contingency plan in the event of a disease outbreak.

We will also review how Business Interruption Coverage works in the face of a global “pandemic.”

If you have specific questions about your coverage, reach out to your broker directly.

How to Build a Business Contingency Plan

How to Build A Business Contingency Plan

In the event of a disease outbreak, all business owners play a vital role in managing the health and safety risks to their employees, while trying to maintain their critical services.

Have you considered how your business will function if 30% or more of your workforce cannot make it into work?

Are you cross-training your employees so that they can take on essential tasks in the event of worker absences?

Having answers to questions such as these will help improve your business’s stability during uncertain times.

Click below for a 10-minute business continuity self-assessment that outlines key questions your organization should consider.

Download a copy of our Organizational Resilience Check-List: Click Here to Download

Download our guide to Protecting Your Business & Your People During an Outbreak: Click Here to Download

Business Interruption Insurance

How does business interruption insurance work in the event of a pandemic?

Business Interruption Coverage is designed to cover the loss of income that a business suffers after an unexpected disaster. Insurable losses such as fire, water, or theft are often covered under Business Interruption Coverage. However, these policies typically do NOT cover the financial impact caused by pandemics.

Since pandemics are considered rare in financially and politically stable first-world countries,  very few insurance companies even offer coverage for these types of events.

Additionally, The Civil Authority policy extension does NOT cover the COVID-19 outbreak, regardless of if you are denied access to your building by civil authorities.

If you have additional questions about your commercial insurance policy, please reach out to your broker directly.

March 13, 2020