Arguably the subjects of these briefings all focus on business continuity. Many businesses are going through a period of uncertainty creating a necessity to review and update their policies. All businesses are having to make decisions at short notice and inevitably on a somewhat improvised basis.
Although we do not consider that any business could be prepared for the events that have unfolded in the last two months, we have seen certain businesses that have been less prepared than others. Remote working for example, has been a real challenge for many. Emergency protocols, business continuity plans, pandemic contingency continuity plans, policies on controlling the risk of infectious diseases in the workplace should all be reviewed and/or implemented. It is recommended that businesses in the near future look to conduct a business impact analysis. Your employees should be at the heart of this and it is imperative to engage with various areas of business such as operations, IT, HR, supply chain as well as sales and customer services. If businesses do not already have incident management procedures in place it is also recommended that this is considered in line with policy reviews.
As part of the analysis, Insurance policies should also be reviewed. Businesses may have some insurance to cover losses arising from certain types of business interruption (BI insurance) or the death or incapacity of key personnel (keyman insurance). Many BI insurance policies however, will not cover disruption caused by pandemic interruption or crisis. It is possible that the insurer’s liability may be limited or excluded where losses arise from a public health emergency.
Finance arrangements in the current challenging climate is discussed in How does Coronavirus impact borrowing arrangements?
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