Infectious Disease and Business Insurance

At LeapFrog Insurance, we wish our employees, clients, and neighbors in San Antonio, TX best wishes for their health and well-being during these trying times. The information below provides valuable information on how COVID-19 may impact various types of insurance. As you read, jot down any questions you may have for your agent regarding your commercial insurance coverage.

How Do Infectious Disease Outbreaks Impact Commercial Insurance?

If a true pandemic were left to grow unchecked, hundreds of thousands might die in the United States. COVID-19 has forced most of the workforce to work from home or forego working at all. The insurance industry may play a key role in the ensuing recovery. Here are a few examples of how that would work.

Business Interruption Insurance

Business interruption insurance falls under property insurance in many commercial policies. Check with your agent to see if you carry this coverage. Designed to protect your company against profit loss due to interruptions, it’s triggered when your business suffers from physical damage. In the case of a pandemic, business interruption insurance might pay for the decontamination and sanitation of your physical location.

Workers’ Compensation

Workers’ compensation insurance might cover exposure to the cause of the pandemic while at work. For example, a doctor who gets COVID-19 from direct contact with a coronavirus patient might qualify for workers’ compensation under some circumstances.

Directors and Officers Policies

Directors and officers insurance protects shareholders and may be triggered during a pandemic. These policies protect policyholders against financial loss when a covered event disrupts business operations.

Errors and Omissions

Errors and omissions coverage may play a key role in protecting hospitals during the pandemic. Also known as professional liability insurance, E&O insurance covers damages awarded to patients due to injury or death resulting from a failure to provide services.

In these uncertain times, it’s not clear how such a broad event will play out when it comes time for an economic recovery. However, the agents at LeapFrog Insurance are staying abreast of changes as they occur. Call today for more information on reviewing the coverage for your San Antonio, TX business.