Can Insurance Protect Businesses During the Pandemic?

Since the pandemic started to arise, many establishments and businesses had gone to lockdown as one of the safety measures the government has mandated. Business owners began to get concerned about what will happen to their business during this case if the disruption further continues.
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Most of them are worried about how their insurance will cover the decreased revenue and limited workforce as some of the employees are now working remotely. Can insurance still cover the business after all this? Here are some things you need to reconsider with your business insurance policy.

Review Your Employer’s Liability Insurance
This type of insurance secures businesses if, in any case, they are sued by an employee due to a work-related case. Since employees are working from home nowadays, business owners should update their insurance provider on whether their insurance policy still extends even if an employee is working remotely.

If it doesn’t, an employer should reconsider extending the policy they are in. Employers should make sure that the employee’s working environment is safe. 

Business Interruption Claims
Business interruption insurance is ideal for this kind of situation since it covers the financial losses that may interrupt it, just like decreased or revenue loss. Suppose your business experienced this due to this pandemic. In that case, the employer must contact their insurance provider immediately to check if you can claim it or if your business is qualified with it. 

Increased Cyber Risks
Since all the employees and employers are now working remotely, the threat in cybersecurity and other confidential data is at risk. There have been phishing emails and scams that you might get hacked and be at risk once you entertained those. 

It may not be from the Coronavirus but a computer virus. Every business owner must invest in Cyber Security insurance, especially during these trying times.

Conclusion
Fortunately, not all business owners struggle during the pandemic. Businesses like grocery stores, pharmacies, and other establishments that are considered a necessity are still booming. However, employers should always consider getting insurance for their businesses, not just for their sake but also for their employees’ and business’ sake.

At Insurance Agency Network, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we’re here to help you out. Learn more about our products and services by calling our agency at (425) 681-0996. You can also request a free quote by CLICKING HERE.