Most companies are on the look-out for business health insurance against the novel coronavirus. Coronavirus was declared as a pandemic by the World Health Organization.
The implementation of the precautionary measure of temporary lockdown taken by governments worldwide has resulted in severe economic losses in each sector. But especially to the business world with many businesses going into bankruptcy. Though a regular business health insurance has the means of covering the routine health expenses of the employees and the dependents. Many health insurance company policies do not cover the epidemics of infectious diseases let alone a pandemic.
The main reason for these policies to exclude pandemics is due to a lack of understanding of associated risks. And hence the difficulty in the pricing. Any disease that develops into an epidemic, therefore, has the potential to grow into a pandemic. Of course, this can potentially cost the insurance companies the millions of dollars they are not ready to spend.
In cases where business health insurance was approved
The attached terms and conditions have been so stringent and highly expensive for small firms to even consider. In another turn of events, because businesses aim for protection from business disturbances some firms are ready to even pay high interests for these insurance policies. Policies that can, in turn, lead to insurance companies advocating for business health insurance designed for pandemics.
In conclusion, the business community and the insurance companies will have to act together to make policies. Policies that will benefit both in dealing with situations like the coronavirus pandemic or even other viruses that are possible to come. It is very possible in the future all businesses to have the possibility to purchase pandemic business insurances.