Switch on the TV and you’d find it difficult NOT to hear about Ebola. The economic damage already done in West Africa tallies in the billions and continues to threaten the local economies. Is your company prepared for the impact of Ebola? Are you taking advantage of the risk management solutions to help protect you?
First, let’s discuss protecting employees. Do you have a well-developed Health, Safety and Environmental (HSE) system? An HSE will identify the various preventative measures that the company should have in place, including avoidance techniques when traveling in high-risk areas and education on prevention.
Another key component is to have a risk management program that provides travel accident coverage for its employees who are traveling abroad. The coverage is relatively inexpensive and can be broadened to include high-risk areas so that any employee who contracts a disease like Ebola would have evacuation coverage.
In addition, there has been a recent development in the market where insurers are looking to extend coverage for the loss of business due to pandemic disease outbreaks. Typically, coverage for business interruption only is triggered for losses that occur as a result of physical damage. Now, coverage is being marketed to include business interruption losses an insured sustains that are triggered by governmental shutdown as a result of a disease outbreak.
The ALS Group is well versed in the unique risks posed by doing business abroad and developing a comprehensive risk management framework for organizations to manage these risks effectively.
Click here to request more information about The ALS Group or to discuss ways to protect your business and employees.