COVID and the pandemic has, and will continue to, impact multiple areas of our lives. It has created an increase in the numbers of us working from home, changed the way we meet in business settings and how we gather to celebrate as families. It has affected how virtually every business conducts business, including the insurance industry. As a business insurance broker in the Home Care and Healthcare industry, here is how COVID has impacted our company and our industry.
Company Changes:
Communications
One of the first and foremost issues that needed to be addressed is how we communicate with our clients and potential insureds. This required less face to face communications and more frequent use of electronic and digital communications. We have found ourselves relying more on video conferences and meetings, telephone calls and texts. When in person meetings were necessary, steps were taken to ensure social distancing and use of face masks.
Worker Safety
Worker safety has always been a priority in our business and that of our healthcare and home health clients and employers. Due diligence should always be taken to make sure workers are not being put at unnecessary risk and never has that been so critical as during the pandemic. Coverage should be reviewed to ensure appropriate insurance coverage, including Workers’ Compensation is secured.
Insurance Changes:
Liability Insurance
Liability insurance has always been an important focus in loss prevention for insurers in the healthcare industry. The Covid-19 crisis has amplified those concerns. The potential transmission of a communicable disease is just one of many potentially costly liability claims that can face companies in the home health industry. We can assist in making sure you have the coverage you need and deserve.
Workers Compensation
Many states have taken steps to extend workers compensation coverage for healthcare workers during the Covid-19 pandemic. This extended coverage, in most instances, assumes that any contraction of the virus by healthcare workers is work-related. The burden of proof however, may fall on the employee in proving virus contraction was work related, and at times may be difficult to prove considering factors like public transportation, contracting the virus from a member of their household, and understanding other leisurely activities the employee partakes in like going to the gym, traveling, or something else where virus spread can be considered likely.
Business Interruption Insurance
While this coverage hasn’t necessarily changed it has, in many cases, become more clearly defined and better understood. Financial losses under business interruption insurance are usually only paid for covered calamities like a fire or natural disaster. Pandemics are rarely covered under a business interruption policy.
Now is an important time to review your business insurance especially if you are in the home healthcare industry. If you have questions or would like to schedule an insurance review, contact us. We are an insurance broker licensed in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, North Carolina, and in a number of other states.
Keep up with your coverage as we head through this next phase of the pandemic.
Connect with us today at 267-888-4790.
