A pandemic is a widespread disease that spreads across a large region. This can happen naturally, as with the 1918 influenza pandemic that killed 50 million people worldwide. But pandemics can also be caused by pathogens such as viruses or bacteria that are intentionally released into the environment by individuals or groups. Planning ahead for a pandemic is the key to keeping your business running smoothly and protecting yourself from financial loss. Read on for information about how to protect your business during an outbreak and what type of insurance coverage you might want to consider purchasing in case of emergency:
Pandemic Preparedness.
Pandemic preparedness is important, and it starts with business continuity planning. Businesses need to have a plan in place that allows them to continue operating in the event of a pandemic or other natural disaster. This includes having insurance coverage for any damage caused by these events.
Pandemic Preparedness
Business interruption insurance (BI) provides money to cover lost profits when your company cannot operate due to illness or injury of employees, damage from an act of nature such as fire or flood, or other causes beyond its control
What is Business Interruption Insurance?
Business Interruption Insurance is a form of insurance that provides coverage for business owners when their operations are interrupted due to a covered incident. Business Interruption Insurance can be purchased to help protect your business if you lose revenue due to an unexpected event such as a pandemic, fire or explosion.
Business owners should consider purchasing this type of policy because it provides coverage for the loss of income caused by disruption in operations due to external forces beyond the control of the insured party (i.e., terrorism). Businesses with large amounts invested in physical assets may also consider purchasing property insurance as well as Business Interruption Insurance so that they can recover from damages sustained during an emergency situation.*
How does Business Interruption Insurance Work?
Business interruption insurance provides coverage for your business losses when it is forced to close due to an unforeseen event. Business interruption insurance can be purchased separately or as part of a general liability policy.
This type of policy covers all kinds of situations that could cause your company to close unexpectedly: fire damage, floods, tornadoes and hurricanes–even terrorist attacks and cyber-attacks are covered by this type of policy! You’ll also find that some policies include earthquake coverage as well as pandemic coverage (though these options may come at additional cost).
Businesses typically purchase this kind of insurance because they anticipate having significant financial losses if their operations are interrupted by an unexpected event such as a natural disaster or pandemic outbreak. If your business were forced to shut down for several weeks due to such circumstances, you would need someone else’s help paying bills until it reopened again—and even then there would still be costs associated with repairing damage caused by nature’s fury before reopening again for business!
Who Should Have Business Interruption Insurance?
If you own a business, or work for one, it’s important to know that business interruption insurance can help cover the costs of lost revenue and profits during an outbreak.
Businesses with multiple locations may also find this coverage useful. For example, if one location is closed due to an emergency situation (such as Hurricane Katrina), but another location remains open and continues generating income while they’re shut down–that’s something that BI would cover!
If you’re interested in buying BI coverage for your company or organization:
When Should I Purchase Business Interruption Insurance?
If you own a business, it’s important to purchase Business Interruption Insurance before a pandemic is declared in your area or country. This way, if a pandemic does occur and causes damage to your business, then you will be able to cover the costs associated with repairing or rebuilding it after the outbreak has ended.
Business Interruption Insurance covers loss of income caused by circumstances beyond your control–including natural disasters such as wildfires and floods; man-made disasters such as explosions; riots; strikes; terrorism (including cyberterrorism); war; nuclear accidents/meltdowns/leaks/spills; earthquakes (including tremors); volcanic eruptions (“volcanoes”); tsunamis (“tidal waves”) and other similar events that could affect businesses around the globe–as well as pandemics like swine flu or Ebola virus disease (EVD).
Planning ahead for a pandemic is the key to keeping your business running smoothly.
Planning ahead for a pandemic is the key to keeping your business running smoothly. Business interruption insurance can help you recover from the financial impact of a pandemic, but it’s important that you have everything in place before disaster strikes.
If you haven’t yet taken steps toward pandemic planning, now is the time to do so.
The best time to purchase business interruption insurance is before the pandemic hits. This way, you can secure your business against losses and ensure that it will keep running smoothly even if an outbreak occurs. If you haven’t already purchased coverage, now is the time!
