The Covid-19 pandemic made a complete turmoil of our lives with all industries being affected by it. Some companies have even gone out of business.
It is not only tourism, travel, restaurants, entertainment, and sports establishments facing terrible losses. If your company is facing challenging times due to this, then now would be a good time to look into business insurance plans
that will help your business weather the bad times.
1. Business Interruption insurance
This type of insurance, called Business Interruption
, protects policy owners from disasters that cause your business to cease operations. For example, when there's a flood in your company offices, there will be mop-up operations required. This insurance covers your lost business.
One of your business's most significant challenges during COVID 19 is your offices closing due to you or a staff member contracting the virus. Unless your policy specifically excludes protection from viruses and bacteria, you have every right to ask for coverage.
2. Contingent Business Interruption insurance
If you're working in construction, you could be depending heavily on subcontractors that work for you. These contractors may experience on-site problems that affect your work. If they don't deliver on time, it's ultimately your business that suffers. Ensuring that you have this type of insurance will cover possible lost of income due to subcontractors delays. Insurance experts wrote some tips on this article
which can help craft your needed policy.
Many companies are shutting their doors due to Covid-19. With this in mind, you can never be sure if one of your subcontractors will up sticks and leave your business in the lurch at a crucial time. It's during times like this that your insurance comes into play. Your insurance company will compensate you for the interruption of your business activities caused by your subcontractor.
3. Event Cancelation insurance
Event Cancelation insurance has been around for some time. It is ideal for companies working in the sports, entertainment, and tourism-related industries, whose activities are most affected by the pandemic.
This insurance covers damage caused to your business due to event cancellations by clients. It pays to do your homework and read the small print on your policy. Many insurance providers have excluded COVID-19 as a reason for claiming on this insurance.
Having the right insurance during the pandemic
Depending on the type of industry you're in, there are insurance policies that will be your business lifesaver. Look into the 3 mentioned in this article and choose wisely for what best suits your business needs.