- About MIB
- Products & Services
- Contact Us
- Get a Motor Quote
For thousands of small businesses across the globe, the onset of the novel Coronavirus spells serious trouble. It has threatened their very foundation, eroded early gains and in many cases shut down operations completely.
For small business owners who risked personal assets to venture into their projects, the times are worrying.
Insurance coverage for small enterprises usually is not seen as essential, as funds are in short supply. However, a small business with basic health, life and travel insurance coverage stands a better chance of overcoming the COVID-19 odds.
While Business Interruption coverage has been popular among entrepreneurs, this type of policy is only applicable if there is physical loss or damage to the facility. Property and liability policies, which are also high among the coverage options often exclude losses from infectious and contagious diseases.
Notwithstanding the foregoing, policyholders faced with corona virus-related losses are not without hope and can find coverage under the following policy options:
The spread of COVID-19 has led to the death of over seven hundred thousand people worldwide. Unlike property and liability policies, life insurance policies do not apply exclusions based on the cause of death. Therefore, any claims under a life insurance policy due to corona virus will be paid. As such, it is wise that companies invest in group life policies to protect employees and their families.
Exposure to the corona virus may result in testing, increased medical care and hospitalization. Therefore having adequate health insurance in place for employees can significantly offset any medical bills arising from the contraction of the virus.
Travel Insurance provides coverage for medical expenses incurred during travel outside of one’s home country. This policy may also be extended to provide coverage for trip cancellation. In most cases travel insurance will cover any medical expenses incurred from contracting the virus.
While companies may not be able to claim under their property or business interruption policies for COVID related damages, it is important to explore other policies which may offer some kind of protection.
Perhaps the time has come for insurance providers to consider a framework of coverage for pandemic episodes as businesses with global footprints could create such a demand going forward.