As local and federal regulations across the nation are enacted to mitigate the rise in COVID-19 cases, many businesses are faced with an uncertainty concerning the consequences of these unforeseen events. In the midst of the events at hand, the Insured are searching for answers and guidance on preparedness, and issues regarding their businesses, asset protection, and coverage. Preparation for an unexpected calamity such as a pandemic is similar to that of any other natural disaster. An essential component of mitigating loss is the development and implementation of a disaster response plan and effective crisis management. Seeking expert professional assistance prior to, or following a crisis will aid in making better decisions in a time of crisis. GlobalPro Founder & President, Daniel Odess, spoke with the South Florida Business Journal in an article titled: “Few insurance options for businesses affected by coronavirus epidemic” regarding the impending situation:
Daniel Odess, president of Coral Gables-based insurance firm GlobalPro, said the region’s 2016 Zika virus outbreak indicates some businesses could have avenues for insurance coverage.
“In the wake of Zika we saw several hospitality companies recover damages after areas of Miami were quarantined, so it’s possible,” he said. “It’s definitely on a case-by-case basis, so I would advise business owners to closely review their policies to see if they have language excluding viruses.”
Odess said now is the time for business owners to take proactive measures to protect their enterprises. That includes reviewing their insurance policies, establishing coronavirus risk management protocols for employees, and ensuring they have important documents on hand in the event of a quarantine.
“Collect your financial records and insurance policies, study them and make sure their easily accessible so you have what you need to make a claim or potentially apply for government relief, even if you’re quarantined at home,” he said.
– South Florida Business Journal
Read the full story here: GlobalPro – South Florida Business Journal – March 11, 2020
For those seeking answers, we’ve organized helpful points to keep in mind that will assist you in preparation during these trying times.
Here are some helpful points to remember in regards to preparation:
What if businesses did not have a disaster response plan? Is it too late now? The answer is no, there are still actionable measures a business or community association can take to mitigate loss and ensure proper protocol is executed. Employers should be ready to respond in flexible ways concerning the varying levels of transmission across the country. Businesses and community associations are also strongly encouraged to coordinate with state and local health officials for timely and accurate information that will guide responses. Concerning the case of COVID-19 here are some points to keep in mind to reduce transmission among employees, maintain healthy current and future business operations, and maintain a healthy work environment.
If you are a business:
If you are a community association:
Even with these guidelines and protocol in place your business may still face loss or damage due to this unprecedented crisis. If you haven’t engaged the services of a trained insurance expert, you really don’t know the full amount and extent of your damages. Also, the deductible may not even apply due to ambiguous language. We have had several insurance companies take conflicting approaches to the application of deductibles on several properties with similar policies. This is a clear indication that not even the insurance company knows how the deductible should apply. So, how could you know how to apply it? Any experienced insurance professional that has handled these types of claims, knows that we are just in the beginning of a lengthy process. The claims process has been further complicated and slowed by other major events like local, state, and government regulations concerning this pandemic. As time passes, businesses are still accruing loss that will further exacerbate the damage to operations. If you are still confused and need assistance, contact GlobalPro to assist you with supplementing your claim.