Coronavirus Update – All SIU Offices Remain Open With Normal Business Hours
Southern Insurance Underwriters have been diligent in preparing and are open for business. We are thinking of you, your families, co-workers and insureds, please do everything you need to do to remain safe and healthy.
We have received a number of calls specially related to Coronavirus and whether insureds can claim lost income and the virus could cause a workers compensation claim. Below you will find some information on these topics. SIU has over more than 5 decades of experience and each of these events makes us better prepared for the next. Caring for you and your insureds remains our top priority and we will continue normal operating hours. SIU is here for you and only a phone call or email away.
Common Questions and Answers
How has SIU been impacted?
For the time being, we have suspended agency visits and events. We have also asked all partners not to visit our office until further notice. All other business continues as normal with phone, web, and email submissions being process without interruption. All team members are equipped to work remotely so that we can provide the same level of support regardless of location.
If my business is closed due to Coronavirus can I file a business income claim for lost revenue?
For businesses that have interruption insurance, the threshold for recovery generally depends on there to be damage to an insureds property and the cause must not be something that is not specifically excluded. It is unlikely that Coronavirus would trigger a payout as none of the lost revenue or increased costs would be the result of physical damage.
If the business purchased contingent business interruption coverage (CBI) the policy may specifically include loss of commerce caused by disease as well as other disasters. CBI could also cover the cost to repair or replace facilities or equipment, and costs to clean and sanitize.
Can Coronavirus Become a Work Comp Claim?
(Insurance Company of the West sent the following:)
Potentially, if an employee who during the course and scope of employment came in close contact with a party infected with the coronavirus. Every carrier will evaluate each situation differently depending on the insured’s jurisdiction and the merits of each individual claim. Here is what some our workers’ compensation partners have to say about how to determine if any insured should investigate a potential claim:
- Employees who travel overseas for business and contract the illness.
- Employees who are exposed to the illness at work by an infected coworker.
- Employees who are assigned to work in a location with infected parties.
The Big I of Tennessee published a great video on Business Income and an E&O article related to the Coronavirus and its impact. Below are the links to access them.
- Business Income and COVID-19: Free Webinar
- E&O Risks & Coverage Concerns from COVID-19
- Coronavirus and Work Comp
Steps to Take Now to Protect Your Workers from Coronavirus
Health authorities now believe infected people can spread the virus before they begin to show symptoms, increasing the likelihood that they will pass the illness to others. This makes promoting healthy habits in the workplace especially important.
The Centers for Disease Control and Prevention (CDC) recommends the following actions. You can also visit the CDC website for more information.
- Ensure sick employees stay home
- Be Flexible with Your Sick Leave Policies
- Educate Employees
- Keep Supplies Stocked
- Perform Routine Cleaning
- Take Steps Before Employees Travel: If you have any employees who are required to travel for business, be sure to check CDC’s Traveler’s Health Notices for guidance.
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