There is no denying the fact that we are all living in unprecedented times. The global marketplace has been turned upside down. Coronavirus (COVID-19) is ripping through countries and their respective economies all over the globe. Whilst world leaders frantically attempt to get a grip on the virus to protect their citizens and restore some form of economic stability, it cannot be overlooked that the business world is entering into a period of uncertainty on a scale which is unparalleled.
During this period of uncertainty, it is important for businesses to take stock of its operations and be proactive in managing its business affairs in the most efficient way possible. During this review, it is also worthwhile for businesses to check against any active insurance policies to see whether any losses flowing from the COVID-19 outbreak can be recovered.
The Government has previously stated that it would declare COVID-19 as a “notifiable disease”, a formal classification required by many insurance policies. However, many of the existing policies often specify diseases that businesses can claim for, which ordinarily would not account for COVID-19; this being a ‘new’ disease.
There a practical steps which a business can take in order to mitigate against any losses currently and / or very likely to be suffered in the not too distant future. I detail some of those below: