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.
In the wake of the coronavirus shutdowns, a recent survey taken by Chubb and the National Center for the Middle Market (NCMM) shows that the vast majority of mid-sized businesses (86%) felt that COVID-19 had an immediate negative operational impact, and 51% felt that uncertainty was the most difficult aspect of the pandemic1.
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.
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.
1 “Covid-19 and the Middle Market”, a 2020 survey conducted by Chubb and the National Center for the Middle Market (NCMM).
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.
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