Hiring the wrong company could be detrimental to your organization. We all know how important it is to have proper insurance for your business, but if you haven’t reached out to your agent or broker yet, we have some bad news. Except for a few broad nonstandard policies, standard policies for commercial property and business interruption do not provide coverage for infectious diseases. In fact, most have a specific exclusion of losses due to viruses or bacteria. Check with your agent, broker, or carrier to confirm if this is applicable to your business.
If your own organization doesn’t have coverage for these losses, what about the vendor providing these services for you? If they don’t have proper coverages including workers’ compensation, then who is that responsibility going to fall on if they have a worker who becomes ill, permanently disabled, or worse because they failed to protect themselves properly? It’s surprising how few companies require proof of insurance from their vendors, but it is more important than ever to protect your own organization by verifying your vendor’s coverages.
Beyond insurance, your company’s reputation and brand are on the line. Bad press can be crippling to an organization and have long-lasting impacts.