As concerns around the spread of COVID-19 continue growing, we are monitoring the latest developments in order to keep our clients, business partners and employees safe. We wanted to share with you a couple of resources that may be helpful to minimize the impact of this outbreak to your business.
In the weeks ahead, we know that you will need TIM to support you, your businesses, and your customers, and we will be there for you. As with many organizations trying to reduce in-person meetings and travel, the way in which we provide support may change. Our team is using virtual meeting tools when appropriate, and we are limiting non-essential travel in accordance with health and safety guidelines. We will continue to be available to you and your business via phone, email and online whenever needed.
The Precautions Businesses Should Take Amid COVID-19
Please review the following document which outlines preventative measures you can take to protect your employees and your operations:
Organizational Resilience Checklist
The Organizational Resilience Checklist by our partners at Ecclesiastical highlights the issues you need to consider to prepare for an outbreak.
We have been receiving some questions with regards to how certain types of insurance may respond to the COVID-19 outbreak:
- Business Interruption coverage is designed to cover the loss of income that a business suffers after a disaster. It is important to note that this coverage is dependent on an insurable loss being triggered such as fire, water damage, etc. and does not typically cover financial impact of pandemics. The Civil Authority extension, which covers access to a business being denied by civil authorities following a disaster, is also only triggered by a covered peril and would not apply to the COVID-19 outbreak.
- Some specialty insurers around the world have developed unique policies for pandemic-like scenarios but these policies are seldom purchased in politically stable environments and insurers have reached out to brokers confirming that these policies are not being offered for the existing COVID-19 outbreak.
Please do not hesitate to contact us if you have any additional questions.