How to Limit Risks from the COVID-19 Pandemic

This year, the risks to small businesses increased substantially with the COVID-19 pandemic. How can small business owners deal with these increased insurance risks plus protect against the traditional ones they face?

On the Small Business Radio Show this week, Chip Hamann, Deputy President, Small Commercial, The Hanover Insurance Group discusses how the COVID-19 landscape has challenged small businesses. These days this is made more difficult since a pandemic virus, in general, is not covered by the insurance industry.

Limiting Business Risk from COVID-19

Chip lists additional areas of exposure for companies during this time:

Government regulations on how many customers can come into your store or limited traffic patterns inside. This may involve them lining up on the sidewalk in front of your store which could be a problem if you do not have the right liability coverage.
Employees getting COVID at your retail or office location. This can be covered under workman’s compensation insurance.
Employees working from home using their own computer. They are now more vulnerable to cyber attacks on customer and company data. Chip suggests making sure you have the right cyber insurance coverage.

Chip says companies may need specialized coverages in a Corona economy as they reimagine their businesses and the severity of losses is increasing:

More businesses are offering consulting services during the pandemic so they may need professional liability coverage.
With more terminations, there can be increased charges of discrimination. According to Chip, insurance policies do not automatically cover this.
With more companies transacting with customers online, Chip emphasizes to examine what is covered under your cyber insurance. Many times, employee errors due to “phishing” schemes are not.

Chip suggests you seek an independent insurance agent that can help you with the type of coverage you need. Listen to the entire interview on the Small Business Radio Show.

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