Frequently asked questions regarding Business Insurance and the Coronavirus.
BUSINESS AND WORK
My company is missing out on income due to the Coronavirus. Can I claim these losses under insurance?
No, this is business interruption and that risk is only covered by Business Interruption insurance in the event of material damage, and that is not the case here.
I can’t work due to fear of the Coronavirus. Will Disability insurance pay me?
No, disability insurance covers loss of income due to illness or an accident. This is not the case in this situation.
I am self-employed. I have been infected with the Coronavirus so I am sick and can’t work. Can I claim this under my Disability insurance?
Yes, you can, please check your insurance policy to see how many days you have to be on disability before your insurance policy starts paying out.
I am self-employed, and I have been quarantined, so I can’t work. Can I claim my lost income under my Disability insurance?
No, if someone has to be quarantined for preventive reasons, or is not allowed to leave a specific area, this is not covered by Disability insurance.
I got sick because one of my colleagues had the Coronavirus and came into the office. Can I hold my employer liable?
Probably not. In order to hold someone liable for this, you must be able to demonstrate that someone willfully committed a wrongful act, and that this caused damages as a result. This would be very difficult to demonstrate.
IMPACT ON INSURANCE COMPANIES
Epidemics are excluded from many non-life insurance policies. Why is that?
Insurance companies do this because the potential cumulative damage of an epidemic can be enormous. This could jeopardize the insurer's financial standing (solvency). That is why some insurers exclude this risk.