Coronavirus Risk Management: Contingency Planning & Disaster Preparedness
As more cases are confirmed in the U.S., businesses are beginning to plan and prepare for the short and long-term effects of the coronavirus (COVID-19). The first step for businesses is to focus on contingency planning and disaster preparedness. The Institute of Risk Management (IRMI) has published some preliminary advice on managing coronavirus risks. Below are some key considerations:
- Are staff being kept informed about the company’s response to coronavirus risks and is this being done in a way that is detailed, but not promoting fear?
- Is good hygiene being promoted within the company?
- Should more staff be working from home and is the IT department geared up to assist if necessary?
- What is the impact on the company’s supply chain?
- Does the company’s business continuity planning address various stages of a potential pandemic?
- It is recommended that larger firms set up an incident monitoring team.
- HR should monitor sickness levels and work with managers to determine workflow revisions based on a reduced workforce due to employee illness, and child care issues arising out of school and daycare closings or illness of a family member.
For information on how standard property, liability, D&O, and workers’ compensation policies might respond to future claims related to the virus, you can read this article from Insurance Journal, which provides a good preliminary analysis of possible coverage triggers as well as standard exclusions that may apply.
CDC Information on the Coronavirus in the U.S.:
Your Rose & Kiernan, Inc. Risk Management Team is knowledgeable and can help you complete a thorough risk review at an enterprise level to evaluate the impact of the coronavirus on your organization’s people, partners and physical assets. For more information on this topic, please contact Rose & Kiernan, Inc. here or by calling 800-242-2433.