Even businesses with the best-laid strategic and tactical plans are likely to have their operations impacted by an unforeseeable and challenging world event such as COVID-19—which has prompted responsive, dramatic, and sometimes hurriedly made changes to business operations, as well as uncertainty about the future.
One definite certainty in any crisis — and a safeguard for the future — is the need to mitigate the potential risks that arise from rapid changes in business practices and procedures.
Your insurance agent or broker can provide valuable insights when assessing and managing these risks; here are three key areas you’ll want to review.
Changes in where, if, and how employees work can impact business exposures.
The way in which staff reductions are implemented (furlough, reduced shifts, layoffs); how many and what type of workers are brought on (increased number of shifts, part-time workers, etc.); or changes in employee duties may impact workers compensation insurance needs. Make sure to discuss any workforce changes with your insurance agent or broker so you can make the necessary adjustments to your policies.
Whether employees have new responsibilities or are continuing in their regular roles, new work circumstances will require situationally responsive changes — such as revised delivery practices, use of personal protective equipment (PPE), more stringent cleaning protocols, and installation of safety features (such as plexiglass barriers) — to reduce transmission risk. Provide employees with the proper training and safety equipment they need to carry out these measures and regularly consult with critical government and public health protection sources.
As always, when contracting with third party vendors to provide services of any kind, it’s critical to carefully vet them for quality and safety practices. Ask your insurance agent or broker for guidance; your insurance company may be able to provide information or access to a network of reliable, trustworthy service providers.
If you have shut down your building or equipment, make sure you have taken the appropriate defensive measures.
Changes in how you’re conducting business and using your operations and facilities can necessitate changes to your insurance policies and risk management program.
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Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
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