With the arrival of the COVID-19 pandemic, businesses and individuals around the world faced unprecedented challenges. As we look forward to the post-pandemic world, we all need to prepare with proper insurance coverage to protect our personal and professional interests.
Let’s take a look at what personal and business Insurance policies to invest in after the pandemic.
Business Interruption Insurance & Pandemic Insurance
If we’ve learned anything, it’s that you can never take for granted that it will always be “business as usual.” During the pandemic, many businesses were forced to close to stop the spread of infection. Those businesses able to shift their operations to a remote platform were often forced to downsize their workforce due to lack of revenue.
Business interruption insurance is designed to replace any business income lost during an unexpected closure resulting from a natural disaster. Whether you need to close due to fire or flood, you can rest assured that your business protection insurance will cover your bills and employees during an unexpected closure. While the current global pandemic is not currently covered in basic business interruption, you can purchase pandemic insurance as an extension of your plan.
Typically an add-on to your business protection insurance or included in your comprehensive coverage, business interruption insurance can include:
- Life insurance for employees
- Key employee coverage
- Partnership coverage
- Loan protection
- Funds to pay utility bills and employee salaries
- And more
Travel insurance is designed to recoup the costs associated with canceling or changing travel plans due to unexpected events that can occur before or during your trip. In light of the thousands of trips canceled in the early days of the pandemic, this additional coverage provides individuals and business professionals with the peace of mind that comes with knowing your investment will be refunded if you need to cancel your vacation or business trip.
Typical travel insurance can cover the following:
- Medical emergencies
- Trip cancellation
- Trip interruption
- Medical evacuation
- Lost, damaged, or stolen luggage.
Your health is your most valuable asset, and when your health is in jeopardy, you need to know your medical bills will be covered. Medical insurance provides coverage for medical expenses relating to an accident or illness. We also recommend investing in travel medical insurance. As an add-on to your medical insurance, travel medical insurance is designed to cover any medical costs resulting from illness or injury while you travel abroad.
Psychiatric Care Coverage (Mental Health Insurance)
Psychiatric care coverage, commonly termed mental health insurance, is included in many top-tier medical insurance plans and international insurance packages. The global pandemic took a toll on the mental health of people all over the world as we all juggled managing the “new normal.” This additional health insurance helps to offset the costs associated with maintaining mental health concerns, including:
- Clinical visits for diagnosis
- Outpatient treatment (such as clinic appointments with a therapist or psychiatrist)
- Psychiatric diagnosis
- Rehabilitation services
- Reduced prescription fees
- Emergency care
- Inpatient treatment centers
Income Protection Insurance for Your Employees
Income protection insurance provides long-term coverage designed to ensure your employees receive regular income in the event they become injured or ill. As we witnessed during the pandemic, many front-line and essential workers became sick with COVID-19. Income protection insurance would provide regular income until said employees were able to return to work.
Regular income is provided to the employee until he returns to work. Income protection insurance serves as a replacement for their regular income. Unlike other plans that offer a lump sum payment for an unfortunate event, income protection serves as a source of replacement income while they are sick/injured. In the event of an employee’s death, the plan provides regular income to the family of the deceased.
At Petra Insurance Brokers, we are here to help you prepare for the post-pandemic world. Our team of advisors is ready to help you review your existing policy or to provide you with a quote for new coverage to ensure you’re protected against the unexpected personally and professionally in the years ahead.