Am I covered if coronavirus impacts my business?

Coronavirus has infected well over 100,000 people across the world. And it is now rapidly spreading across the UK. As the disease has an incubation period of up to 14 days, it is particularly contagious as it’s difficult to identify infected individuals.

Unfortunately, a vaccine is not currently available. The main way to mitigate chance of contracting the virus is to take onboard basic yet highly important hygiene advice. This includes regular handwashing, cough and sneeze etiquette and good cleaning routines. Those who are ill should self-isolate and call 111, then follow the advice of a health official.

Coronavirus outbreak could disrupt your business

Your business may lose revenue due to supply chain disruptions, loss of attraction or low footfall. People may be unable to travel to meetings or events, or you may experience delays or changes to the service you’re able to provide. You could also incur additional expenses such as increased staffing costs or costs associated with decontamination if necessary.

In some more extreme cases, you may be denied access to your business by a Government official or legal authority.

Will my insurance cover me?

You should carefully review your individual Policy Wording. Your standard insurance policy is unlikely to cover you for loss of income or revenue due to coronavirus. However, some policies may have a Notifiable or Communicable Disease extension. This may extend your Business Interruption cover so that, if you have to shut your business or there is an occurrence of coronavirus at your premises, you may be covered for loss of revenue. However, some policies may include a geographic limit of the disease occurrence or be subject to time and indemnity limits.

The best thing for you to do is look at your risk management. Identify ways an outbreak of coronavirus could impact your business and make preparations to overcome this sooner rather than later. Don’t leave it until the last minute to start amending policies and procedures. Download Ecclesiastical’s business continuity self-assessment for guidance.

Create and test a Business Continuity Plan to minimise the impact coronavirus may have on your business.

For further advice, download our coronavirus information document or contact the team if you have any specific questions about your policy.