There are a number of risk management options you and your organization may want to consider when faced with events such as the spread of a pandemic disease, for example the recent coronavirus (COVID-19) outbreak. There are specific insurance products, such as event cancellation insurance or business-travel accident policies, that can provide coverage for adverse effects from a “covered event” or for medical issues/evacuations for “covered individuals.” These policies are specialty products that you and your organization should consider when hosting/ attending conferences or otherwise traveling to high-risk areas. However, one should be aware that Communicable Disease or similar exclusions are common to such policies. Be sure that your specialty product meets your needs and your possible exposures.
Please note that the information contained in this posting is designed to provide general awareness in regard to the subject matter covered. It is not provided as legal, medical, or tax advice, nor is it intended to address all concerns in your workplace or for public health. No representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.