Outbreaks demonstrate significant threat to operational viability, regardless of industry
James Allen Insurance, a national insurance solutions provider, today announced a comprehensive pandemic policy for business enterprises to protect themselves in the event of an outbreak. The policy is designed to cover added out-of-pocket expenses, as well as lost revenue associated with the outbreak of disease.
The policy is backed Lloyd’s, formerly known as Lloyd’s of London, and other European-based insurers. James Allen Insurance is one of only 200 registered brokers for Lloyds, the world’s oldest and leading market for specialist insurance.
“Pandemic outbreaks are highly contagious viral infections, and their potential impact on the global economy can be devastating as is being seen today with the COVID-19 outbreak,” said Tim Craig, James Allen Insurance CEO. “In addition, once a disease like COVID-19 reaches pandemic levels, vaccines are non-existent which makes them even more crippling to businesses and organizations across the globe. Unfortunately, no industry is safe from the effects of a pandemic outbreak.”
Over the past 25 years, James Allen Insurance has developed numerous proprietary products designed to provide businesses with protection against unpredictable events. The new pandemic policy is customized based on each entity’s specific risk and needs. For example:
Healthcare – Coverage for added expense around staffing, supplies, disinfection services, as well as loss of revenue in the event of a drop in patient percentages.
Tourism (casinos, hotels and motels, airlines, restaurants, retail shopping) – Coverage for loss of revenue due to government-issued quarantine, travel bans or event cancellations.
Education – Coverage for added expense around cleaning and disinfection services on campus, as well as loss of tuition revenue in the event of travel bans.
“Other policies cover aspects of a pandemic outbreak, but we saw an opportunity to create coverage for all aspects that could impact an organization,” added Craig. “I encourage everyone to review their current policies and ensure they have the appropriate amount of coverage given the current climate with COVID-19. A vaccine is months away, so further disruption to the global economy seems inevitable.”
“We are still at the early stages of this outbreak, and we’re already seeing the effects of businesses across the globe. Ours is no exception,” said Jeremiah Hamman, an Indiana restaurateur. “The James Allen policy offers peace of mind that my business will survive regardless of how long or severe this pandemic gets. Having a safety net that will cover loss revenue due to customer decline is a relief.”
Source: Company Press Release