Our office has been flooded with inquiries about what our clients should be doing in preparation for the coronavirus. We should all be preparing for the coronavirus, but here are a few things to keep in mind: transmissibility, incubation, and lethality.

  • The coronavirus has a high transmissibility rate (3.8-5.5 people infected per case, depending on whose research it is).
  • Incubation period is an average of 2-5 days with outliers at 14 days.
  • As of 3/1 at 8pm EST, there have been 87,508 total infections with 2,990 fatalities.

So what’s the bottom line? Panic and ignorance kill more people than the event itself.

This is a highly contagious flu-like virus that has a low mortality rate (3.4%), but one that is higher than the flu which is why we should not ignore it. So remember the basics: wash your hands, disinfect common surfaces, avoid those who are ill, avoid large crowds and events, and if you are in an at-risk group (children, the elderly, and/or immunocompromised) consider a NIOSH-rated mask (N95 or higher).

That’s great, but what does it mean for my business?  In short, now’s the time to review your Business Continuity Plan.  If your employees can work from home, consider allowing them to do so if/when the virus hits our area.  If they cannot, or if your company is a service provider (tradecrafts included), review your company’s insurance policies and to see if you have disaster insurance, specifically with coverages for lost profits.  Don’t hesitate to contact your broker to get specifics on what your coverages does and does not include.



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