Crisis Coverage: Do You Need It?

The Swine Flu pandemic of 2009 was one example of a crisis that not only caused global concern on a personal level, as individuals strove to protect their health, but also posed problems to businesses without crisis coverage or pandemic provisions, as sickness took a toll on staffing. By the first quarter of 2010, over 59 million Americans had been infected, and 265,000 were hospitalized, according to CDC estimates.

If your business is one that is heavily dependent on personnel, you might consider adding an endorsement for crisis coverage or a pandemic to your commercial insurance.

• Business Interruption insurance takes many forms, and while some elements of a pandemic or other crisis may be covered, this addition may not apply to interrupted workflow due to mass absences.
• Workers Compensation coverage should always cover at least your moral obligations to employees and your state requirements, but it might be insufficient crisis coverage for something as particular as a pandemic.
• Umbrella Coverage should be a consideration for any operation with the potential for risks that exceed basic limits; in the case of some crises, it could turn out to be a business-saving move to invest in the additional coverage it provides.

Nothing in life is certain, and a crisis like a pandemic is not always predictable, however, one thing that you need to be able to count on is the ability of your business to continue operations in case of an emergency–or at least continue to be able to pay your obligations. Crisis coverage that provides for business interruption protection should be a standard, if it’s possible that something like a pandemic could slow down or halt your productivity.

Speaking with an experienced insurance professional who understands the risks faced by businesses is crucial to ensuring that your company is protected to the extent you need in case of a crisis–don’t wait until it’s too late.

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