What do you need to know during the COVID-19 outbreak? View Resource Center >
On March 11, 2020, the World Health Organization (WHO) declared COVID-19 a pandemic. Governments, municipalities and employers are taking various measures to help contain the spread. To assist you, this page includes information regarding potential insurance coverage implications and additional resources to monitor this evolving situation.
In an effort to curb the spread of COVID-19, governments and authorities globally have closed venues such as theaters, museums, gyms, among others. This is a unique situation in which closures and “social distancing” will impact businesses directly and indirectly.
It is anticipated that most claims will likely be tied to income losses from indirect exposures such as supply chain or civil authority-related impacts. This includes the disruption of supply chain, slowdown, or in some instances, complete breakdown.
In addition to general liability coverage, many companies may hold errors and omissions (“E&O”) coverage or other professional liability coverage. These specialized insurance policies are meant to protect against damages arising out of the provision of, or failure to provide, certain services.
Claims related to communicable and contagious diseases are not generally the intent of workers’ compensation coverage and related statutes. Exceptions may occur depending on how a disease like COVID-19 is contracted.
Companies should be as proactive as possible in addressing and minimizing risks for their employees. The Occupational Safety and Health Administration (OSHA) recently published Guidance on Preparing Workplaces for COVID-19, categorizing workplaces according to risk and outlining steps employers can take to help protect their workforce.
Most life insurance policies will not be impacted by COVID-19. Once a life insurance policy is in force and premiums are paid, the policy will pay out to beneficiaries for most types of death, including death from COVID-19.
Thus far, it appears that COVID-19 is having more of a social and economic impact than it is direct physical damage on commercial autos. While current commercial auto policies will cover physical damage on cargo and commercial autos, including the driver, it is likely that most commercial auto policies will not cover COVID-19 impacts in any meaningful way.
COVID-19 is having a significant impact on the aviation industry as private and public sectors impose travel and flight restrictions to curb the spread of the virus.
In the surety market, underwriters are likely to reduce their support for companies that are unable to sustain themselves through this period of business interruption, particularly if the return to normal economic activity is delayed.
The longer the persistence of the COVID-19 threat, the more likely it will be a consideration during renewal or buying discussions. Brokers and underwriters should be aware of the changing market dynamics related to any potential impacted coverages.
In addition to following the CDC’s interim guidance, organizations should proactively identify the concerns of their clients and ensure that the organization has done all that it can to ensure the safety of their clients and consistent delivery of product or services they need and expect. As COVID-19 continues to develop daily, employers must make sure clients are informed with any updates.
The following includes a roundup of resources to assist in monitoring the most up-to-date information available:
In addition, there are other trusted sources for information that may include press releases and information issued by local health departments and municipalities as well as legitimate media reports that can be verified and cross-checked against other sources.
As part of Acrisure’s effort to assist clients through the COVID-19 pandemic, we are partnering with Hector Barreto, the former Administrator of the U.S. Small Business Administration. With the broad economic impact of COVID-19 related shut downs, we know many clients have an interest in learning more about the Coronavirus Aid, Relief and Economic Security Act (CARES) and other elements of the economic response to COVID-19. This space contains information to join and access on-demand replays for these webinars.
The U.S. Department of Labor recently issued regulations under the Families First Coronavirus Response Act, providing employers with information to help them meet their new paid leave requirements under the law. Due to this recent development, we have decided to replace our FMLA webinar this week with these more timely developments. The event is an on-demand webcast, which will provide you the flexibility to watch our presentation at your convenience.
Learn about resources that provide small businesses with working capital loans that can provide vital economic support to small business to help overcome the temporary loss of revenue they are experiencing.
Learn about resources that provide small businesses with working capital loans that can provide vital economic support to small business to help overcome the temporary loss of revenue they are experiencing.
Learn about resources that provide small businesses with working capital loans that can provide vital economic support to small business to help overcome the temporary loss of revenue they are experiencing.
Details regarding HR & Benefits Compliance Webinars planned for May, June, July and August 2020.