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COVID-19 Insurance Implications

There is little protection by way of insurance for businesses affected by COVID-19. Business Interruption and travel insurance are two policies of particular note.


Business Interruption

The majority of business Interruption policies have a Quarantinable Diseases exclusion (or similar) meaning that there is no cover for COVID-19. LMI have drafted a detailed advice statement, which can be read here.


Corporate & Leisure Travel Insurance

Corporate travel insurance policies generally offer broader protection than leisure travel policies. There is, however, considerable variation in levels of cover available in the market, with some policies containing pandemic exclusions and others not. LMI’s detailed advice statement can be read here.


What should businesses do to protect themselves?

  1. Follow the advice of the Australian Government and health officials about preventing the spread of COVID-19
  2. Contact us for a review of your insurance programme and what cover is available
  3. Ensure you have drawn up a thorough Business Continuity Plan that looks at how your business may be affected by COVID-19 and what actions you will take in the event of business disruption. General advice about drawing up a Business Continuity Plan, can be found here or for specific advice for planning for your business please contact us.