In these uncertain times, we are being faced with unprecedented challenges that no one could foresee or plan for. As we move towards ‘lockdown’ and having our ability to travel freely restricted, we are now thinking about how business can adapt in these unique set of circumstances.
As an insurance broker, we are being asked about insurance coverage for COVID-19 and specifically Business Interruption cover.
The reason that most policies will not respond to the outbreak of Coronavirus (COVID-19) is that it is a new and unknown virus and the exposure and risk cannot be quantified. Insurers apply this restriction as they need to understand and control their potential financial exposure in order to meet their solvency and claim obligations to their policyholders.
As a business, we are in exactly the same situation so therefore we are starting to test our own Business continuity planning measures to ensure we can continue to provide a service during the coming weeks.
The below report is also useful:
https://www.inoni.co.uk/blog/pandemic-planning-for-business
Also noted below are the top 20 additional tips that may help:
Managing the ‘Safety’ versus ‘Business Continuity’ conflict can make for some difficult decisions. In a recent article published by RQA Group, they cited their “Top 20 tips for business continuity in a global health emergency”.
- Ensure you have a plan. This should cover pandemic/mass absenteeism from production facilities, head offices and suppliers. It should also cover the loss of key suppliers and major supply chain disruption.
- Identify your crisis team. Depending on the size of your business, this may be a single head office crisis team or a series of local tactical teams around the world reporting into a global strategic team. The teams should comprise people who are very familiar with your business and come from different functions.
- Assign specific tasks to key members of the team (communications, HR, production, logistics, finance, procurement, etc.)
- Hold crisis team meetings to fit urgency. This may be several times per day at peak, reducing as the severity passes.
- Identify clear steps to protect workers.
- Monitor the progress and impact of the disease and report daily to the crisis team.
- Develop a protocol for advice to employees if the virus is detected locally or if they suspect they have the virus.
- Communicate actions to prevent spreading disease.
- List business-critical competencies.
- Plan how and when you would reduce staff attendance to a minimum to enable the business to continue.
- Identify which critical staff can work remotely.
- For manufacturing companies, identify what are the minimum operational conditions.
- Identify a plan for ceasing production or a controlled reduction in production.
- Are there any company locations or key suppliers in higher-risk regions?
- Risk assess decisions to ensure there are no adverse unintended consequences of actions.
- Identify vulnerable workers (older, pregnant females, others with a history of poor health).
- Continue to communicate with all staff and stakeholders through all relevant media.
- Monitor social media and engage with your audience.
- Reference government advice in communications.
- Make sure your plan includes steps for recovery when the worst of the impact has passed.
This article was helpfully contributed by Medilink EM Patron BHIB Insurance. For further advice, please contact Richard Hewitt, Life Science Specialist at BHIB Insurance, by clicking here
For more information on Medilink EM Patronage, click here