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The coronavirus has had an enormous impact on virtually every industry, including the insurance sector. According to Lloyd’s of London, Covid-19 is expected to cause the largest loss to the insurance industry on record.
Lloyd’s estimates that its own COVID-19 related claims will top $4 billion by late June and it is feared this number will rise further if the pandemic continues for an additional quarter. When it comes to the non-life insurance industry, Lloyd’s estimates over $100 billion in underwriting losses occurring over the course of 2020.
Lloyd’s also expects investment portfolios to decline to the tune of around $96 billion throughout the industry, radically affecting retirement, though true costs won’t be able to be fully assessed for years. Much like the 2008 financial crisis, this will have ramifications for quite a while on the national and global economy. This kind of uncertainty only adds to the already stressful situation of business navigation during this time of economic downturn.
Another report put out by American Health Insurance estimates losses between $56 billion over $500 billion.
While the range is enormous, the actual costs depend heavily on infection models. It is estimated that over 50 million Americans total could end up being infected, trickling down to around 1.3 million that not only develop symptoms but symptoms so severe that they require intensive care.
Intensive care may require a ventilator for a little over a week, which on top of standard hospitalization costs can total upwards of $30,000. This alone adds to around $39 billion in healthcare costs based on the initial estimates. Out-of-pocket costs are another story altogether.
Estimates of out-of-pocket costs to patients are staggering as well. Cost-sharing is estimated to grow by around 14-18% annually over the next few years totaling around $10-$78 billion across all the businesses modeled. However, one ray of light for consumers is that some insurance providers are temporarily waiving out-of-pocket costs for COVID-19 related testing and treatment.
COVID-19 is a situation that is shifting the way the world operates and resulting in industry altering costs on the world of insurance. These costs are not just hitting in the form of exceptional payouts but also in terms of damage to investment portfolios and retirement plans within companies. We are also seeing enormous costs for consumers as treatment for this illness can be quite expensive. With all this information being processed we are working hard and hoping for the best on the horizon. For more articles and insurance advice on navigating this time, contact us.
Changing your company’s operations can be a busy time. You might be rolling out a new product, expanding your business outside of your home state, or adding new vehicles or buildings.
Businesses need to be addable, but changes in your operations can affect your insurance coverage. Your new venture may not be covered by your existing insurance policy or your current limits might not be sufficient. As a result, you may find yourself without coverage in the event of a claim.
When making changes to your company’s operations, you should speak to your insurance broker. Here are several reasons why speaking to your broker when making operational changes to your company will protect your business:
It is important that your business has the proper insurance. It protects your business from a wide variety of problems. Having the proper insurance, can provide peace of mind so you can focus on the company.
When your company operation changes, your insurance needs may change as well. Some of these changes are obvious. For example, if your company buys its first motor vehicle, you will need to add car insurance.
However, other needs might not be as obvious. For example, if you begin hiring employees, you will likely need workers compensation insurance and your business may consider employment practices liability coverage. It is much better for find out before you need the insurance than regret not having it at all.
As a result, checking with your insurance broker every time your company’s operations change is a good idea to keep your business protected.
In addition to making sure your new changes are covered by your existing policy, you can also review your entire policy. Many people forget to periodically check their coverage. They assume once they choose a coverage, it should be fine for the future.
While note all changes require increased insurance insurance coverage, over time small things may add up. In the event of a claim, insufficient coverage can leave your business on the hook. What you thought was appropriate five years ago might not be enough today.
Avoid this problem by periodically checking with your insurance broker. Anytime you make a change in your business operations, schedule a full review as well. It allows your broker to review your coverage and suggest any changes to your overall policy.
Chances are that your latest change in company operations will not be your last. As companies grow and change, their insurance needs change as well. Because your latest change is the next step towards a new change, planning is key.
By discussing possible future changes with your broker, you can make better plans for future expansion or changes. By understanding additional costs or liabilities now, along with the type of protection you will need, you can make more accurate plans while knowing the exact steps you need to take.
By discussing updates to your coverage, you can get a jump on your next step.
If you would like to review what you have, if your business needs to update its insurance coverage, or you are shopping for new insurance, contact us today! We can discuss your options and help you choose the best coverage for your business.
Your business means stability and financial security. However, many entrepreneurs fail to take out life insurance, putting their businesses and families at risk in the event something unforeseen happens. LIMRA’s Life Insurance Barometer study revealed that 41 percent of business owners do not have life insurance covers. The sudden death or disability of a key member of a business can end up derailing a company, lead to bankruptcy, or even cause a total collapse of what you’ve worked so hard for.
There are 3 key issues to consider while deciding on the best insurance policy for your business:
Here we address 5 reasons why you need life insurance cover as an entrepreneur.
Life insurance caters to financial needs in your absence. Considering the effort and time you have dedicated to your business you and your family cannot afford to lose it. With life insurance, your brand can continue to provide.
Life is unpredictable. Unfortunately, death and disability can occur without warning. leaving your family in a situation of financial uncertainty. Life insurance can ensure those you care about continue to benefit from your business even after you are gone. In any case, you will be at peace knowing that the lifestyle of your loved ones does not have to change just because you are absent.
Life insurance may be used as collateral.
Often, financial institutions are reluctant when it comes to lending money to new businesses. Of course, the early stages of a business are often when your need for financial assistance is the greatest. This financial problem can be solved by having life insurance; with it, you have collateral security that you can use to secure a loan and help bring your company up to scale.
A wise entrepreneur not only considers the future of his family, but also those of their partners and employees. There are many people who depend on you for their livelihoods. Comprehensive life insurance can ensure that your business and employees will continue to survive.
Many companies take out loans in their normal course of operations. In your absence, these loans will still have to be paid. Without life insurance, it might be difficult to keep up with every debt you have. Mounting debt can ruin your business and put your family and employees in financial troubles. Life insurance can help take care of your financial needs, and as a result, keep your business up and running.
Life insurance is vital for entrepreneurs. At InsureYourCompany.com, we help individuals and business secure insurance for their personal and business needs. Contact us to learn more about our services!
COVID-19 guidelines are continually evolving. It’s important for everyone in the food service business and members of the public planning to dine out, to check with the Center for Disease Control (CDC) website on a regular basis, as well as that of the World Health Organization (WHO). But we’ve put together a list of the basic protocols for best practices for restaurants offering dine-in services for the duration of the time we must join together to prevent the spread of this virus.
Dining out will look different for the foreseeable future, maybe forever. Some trends, may remain when the COVID-19 risk ends, others may return due to popular demand. But as always, restaurants who show concern for customers, whose management and staff taps their creativity to make dining at their establishment a pleasurable and unique experience, will fill tables now and in the future.
Restaurant owners, managers, and all workers, must be monitored for signs of disease, following CDC guidelines. Simple, effective personal habits that help prevent infection, like hand washing and refraining from touching one’s face, should be posted in a prominent place.
Every staff members must wear a mask at all times. The masks must cover both nose and mouth. Restaurant patrons should also be required to wear masks, before and after dining, and when they are away from their table. Here are some facts about masks from the Mayo Clinic.
This has always been a priority for any food service enterprise. But sanitizing commonly overlooked surfaces continually, is absolutely critical these days. Door handles, of course, must wiped as often as possible, as well as all surfaces inside restrooms. But even walls, and any surface that may be touched by multiple customers, must be considered a potential area of virus transmission.
Restaurants should post customer guidelines and print media detailing the preventative procedures they are following to protect everyone. Customers will choose dine-in restaurants based on how safe they feel while on the premises.
Tables should be removed, plexiglass installed, to create six feet of space or a solid barrier between tables. This will fulfill basic CDC guidelines, and reassure diners.
If a restaurant’s tables are filled and the waiting area isn’t spacious enough for social distancing, customers should be advised to wait in their cars, to be notified by phone when a table becomes available. If this situation occurs with frequency, the enterprise could offer seating exclusively by reservation.
Printed menu, passed by servers from one table to the next, may be a thing of the past. Though lamination allows the traditional type to be sanitized, that step added another task to an already busy restaurant worker’s day. It’s an essential step that could be easily overlooked.
Providing paper menus lower risk of disease transmission and makes it possible to easily alter menu offerings and prices.
The same goes for a QR based system which provides completely “no touch by others” menus to those with smartphones, without the need to download an app. This post offers tips for creating a contest to encourage customer engagement when introducing QR menus. Paper or traditional menus could be provided to patrons without smartphones.
Salad bars and drink refill stations are potential sites for contamination. Some customers may actually appreciate completely personalized service.
In some restaurants, customers are used to seeing things like salt and pepper shakers, sugar dispensers or packets, silverware and napkins, already provided for them. While this has been considered a sign of hospitality, it’s not a wise practice, even during normal times; definitely not during a pandemic.
Every object is a potential infection source, COVID-19 an especially serious virus; therefore, everything should be removed from a restaurant’s tables, between diners.
As mentioned above, the points presented create a basic roadmap, to help restaurants stay in compliance with regulations, and aid patrons in locating the safest places to dine during while COVID-19 remains a risk. But it’s essential to stay up to date with CDC and WHO guidelines, as well as those of state and local health departments.
At Insure Your Company.com, we do sell insurance. But we also help businesses create success stories by providing information. Questions? Contact us.
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