What Should I Do To Protect My Business During the COVID-19 Crisis?

What Should I do To Protect My Business During the COVID-19 Crisis?

1. If able, create a plan that allows employees to function while limiting their exposure to the virus.
2. If able, have employees work from home.
3. Determine what the priorities in your business are and what size workforce you must maintain to accomplish those priorities.
4. Assess which employees do (should take on) certain tasks and ensure that another employee has the training to cover that staff member if they become sick and cannot work.
5. Monitor the news as government regulations and legislation is passed quickly and is changing the situation day by day.

Is There Any Coverage For This?

Right now there is only limited coverage, but this may change with new legislation. There are at least two potential coverages that may be helpful to your businesses:

1. The coverage currently available is under the NY “Emergency COVID-19 Paid Sick Leave”
   1. This was passed by NY to provide some coverage for employees who are unable to work while under quarantine.
   2. The amount of coverage varies depending on the employer size by employee count.
   3. Please visit https://paidfamilyleave.ny.gov/covid19 for more information or visit https://info.shelterpoint.com/m/Covid-19 if you have a Shelterpoint DBL/PFL policy with our agency.
2. Although currently there is no coverage for business interruption from COVID-19 under most business policies; it is possible that legislation may be passed that will require insurance carriers to provide coverage anyways. We recommend taking the following steps in case there is coverage in the future:
   1. Record any cancellations from customers due to the corona virus that damage your profits. Some things you may want to record are:
      1. Event date
      2. Cancellation date

• Customer Information

1. Sales Price
2. Expenses
3. Documentation that event was cancelled due to the coronavirus

1. Continue accounting practices as you normally would.
2. If you lose any contracts due to the coronavirus, please document all information you can including the information found above in i-vi.
3. If you are unable to fill a contract or complete a sale due to a necessary third-party in your supply chain being unable to fulfill their obligation, please document all information you can including the information found above in i-vi.

It is with regret that we can’t provide many more details as to how insurance will respond to this crisis. Circumstances are changing rapidly and we are unsure exactly how our local and federal governments will respond, nor what the insurance carriers roles will be during this crisis.

We will continue to keep our policyholders informed as information becomes available.

If you have questions or need more information, please feel free to contact us.