US-based James Allen Insurance has created a pandemic policy for business enterprises to protect themselves in the event of a pandemic outbreak such as the coronavirus (Covid-19).
The new policy covers out-of-pocket expenses and lost revenue associated with the outbreak of disease.
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It is backed by Lloyd’s and other European-based insurers.
James Allen Insurance CEO Tim Craig said: “Pandemic outbreaks are highly contagious viral infections, and their potential impact on the global economy can be devastating as is being seen today with the COVID-19 outbreak.
“In addition, once a disease like COVID-19 reaches pandemic levels, vaccines are non-existent which makes them even more crippling to businesses and organizations across the globe.
“Unfortunately, no industry is safe from the effects of a pandemic outbreak.”
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By GlobalDataThe new pandemic policy is tailor-made for each industry’s specific risk and needs, the insurer said.
The policy covers expenses around staffing, supplies, disinfection services, loss of revenue, and other liabilities associated with the virus outbreak.
Craig added: “Other policies cover aspects of a pandemic outbreak, but we saw an opportunity to create coverage for all aspects that could impact an organization.
“I encourage everyone to review their current policies and ensure they have the appropriate amount of coverage given the current climate with COVID-19.
“A vaccine is months away, so further disruption to the global economy seems inevitable.”
