January, 2025 | Boizelle Insurance Partnership
How COVID-19 Has Affected How the Insurance Industry
Since the COVID-19 pandemic, insurance companies have made significant adjustments to their policies to accommodate the shift to remote work for business owners and employees. Here are the main ways these changes have manifested:
- Business Interruption Insurance:
- Coverage Adjustments: Many businesses that had to close their physical locations or reduce operations during the pandemic discovered that their business interruption insurance often didn’t cover pandemics. In response, some insurers have clarified or adjusted their terms, explicitly excluding or including pandemic-related disruptions.
- Remote Work Impact: The trend toward remote work has prompted some insurers to re-evaluate and re-calculate business interruption. If a business continues to operate remotely, the risk factors change (e.g., no foot traffic at physical locations). Insurance policies may have been revised to account for the reduced risk in these situations.
- General Liability Insurance:
- Home Office Liability: As employees began working from home, concerns arose over whether businesses were still liable for incidents that happened at employees’ home offices (e.g., an employee injuring themselves while working). Some insurers extended liability coverage to home offices or added riders to address this change. However, businesses were often required to make adjustments or provide proof of home office conditions to maintain proper coverage.
- Telecommuting Risk: Insurers are now assessing the potential risks associated with employees working from home, particularly around cybersecurity, data breaches, and liability for accidents that occur outside of the traditional office setting.
- Workers’ Compensation Insurance:
- Remote Work and Coverage: One major concern for insurers and employers is whether remote work changes the scope of workers’ compensation claims. If employees are working from home, it’s important to determine if incidents that occur at home (e.g., falls or injuries) are still covered. Many workers’ compensation insurers clarified that as long as employees are performing work-related tasks, injuries occurring at home may still be covered, but some insurers have asked businesses to report remote work arrangements or adjust their premiums.
- Telecommuting Guidelines: Some states and insurers introduced new guidelines or modified reporting requirements to ensure businesses met workers’ compensation obligations when employees worked remotely. Employers were often required to maintain records about the home office setup or specify if the employee’s job was suitable for remote work.
- Cybersecurity and Data Protection:
- Increased Focus on Cyber Liability: With the shift to remote work, many employees accessed company data from less secure home networks, increasing the risk of cyberattacks. In response, insurance companies that offer cyber liability coverage began to update their policies, often increasing premiums or offering new coverage for risks associated with remote work.
- Security Measures for Home Offices: Insurers might now require companies to implement specific security measures (like VPNs or employee training on cybersecurity) to mitigate the risks posed by remote work. Some policies may only provide full coverage if a business takes certain precautions.
- Property Insurance:
- Home Office Equipment: As employees moved to remote work, many companies needed to ensure that their property insurance covered office equipment used at home. Insurance companies adjusted their policies to clarify whether home office equipment (computers, office furniture, etc.) would be covered under standard business property policies or if a rider would be necessary.
- Equipment Coverage: Insurance policies have also had to address whether businesses were responsible for replacing office equipment employees used at home if it became damaged or stolen.
- Premium Adjustments and Flexibility:
- Temporary Premium Adjustments: Some insurance providers temporarily reduced premiums or offered rebates during periods of reduced in-person operations (such as during lockdowns). The idea was that less physical business activity led to lower risks and therefore warranted lower premiums.
- Flexible Coverage Options: To better support businesses adjusting to remote work, insurers also began offering more flexible policy options. Some insurers allowed businesses to easily adjust coverage levels or made it easier to switch from traditional office-based policies to ones that cater more to remote or hybrid workforces.
- Employment Practices Liability Insurance:
- Change in Claims: As businesses adapted to remote work, new employee-related claims emerged, such as discrimination, harassment, or wrongful termination in the context of remote working conditions. Some insurers adapted their EPLI policies to address theses changes, either expanding coverage for remote work issues or adjusting exclusions.
- Health Insurance and Employment Benefits:
- Telemedicine and Virtual Health: With the increase in remote work, there was a surge in the use of telemedicine. Many insurance providers adjusted health plans to include or expand coverage for virtual healthcare services. Some companies now provide employees with a broader range of remote healthcare options to maintain well-being during times of isolation.
- Mental Health Coverage: The pandemic also led to heightened concerns over mental health, especially as employees dealt with stress of working from home. Many insurers enhanced mental health coverage and offered more flexible benefits, including virtual counseling.
Insurance companies have adapted to the rise of remote work by updating their policies to better address the evolving risks that come with it. Businesses have had to review their coverage options carefully to ensure their employees’ work-from-home situations are fully protected. Insurers have responded with tailored solutions that address the nuances of remote work, from liability to cybersecurity, while offering more flexibility in premiums and coverage adjustments.
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Does My Home Insurance Policy Cover My Eyeglasses?
Typically, standard home insurance policies do not cover personal items like eyeglasses unless they are specifically included in the policy’s contents or personal property coverage. However, there are some factors to consider:
- Personal Property Coverage: This part of your home insurance usually covers damage or loss to items inside your home (e.g., furniture, clothing, electronics). If your eyeglasses are lost or damaged due to a covered event like a fire, burglary, or vandalism, they may be eligible for reimbursement under personal property coverage, subject to the terms and limits of the policy.
- Exclusions: Home insurance policies often exclude specific types of personal property, such as high-value items (e.g., jewelry, electronics, expensive eyeglasses). If you have high-end eye-glasses, they may fall into this exclusion category unless specifically listed as scheduled property.
- Deductible: Even if eyeglasses are covered under your home insurance policy, you would have to pay your policy’s deductible before receiving any reimbursement. If your eyeglasses are inexpensive, it may not be worth filing a claim.
- Additional Coverage: Some policies offer optional add-ons or endorsements that may provide broader coverage for personal items like eyeglasses. You can check with your insurance provider about adding coverage for specific items if needed.
- Alternative Coverage: If your eyeglasses are damaged, lost, or stolen, you might be better off looking into your vision insurance or any warranty the manufacturer or retailer provides for repairs or replacement.
To be sure, it’s best to review your specific home insurance policy or contact your insurer directly for clarification regarding coverage for eyeglasses.
Read moreKeeping Your Dog Safe During Winter
Winter presents various challenges with regard to keeping your dogs safe. And the best way to ensure the continued safety and security of your dogs is by being proactive. That means anticipating and managing certain risks.
- Limit time spent outdoors: Minimize the amount of time your pet spends outdoors, especially during very cold and windy weather. Dogs can suffer from hypothermia and frostbite just like humans.
- Provide Adequate Shelter: If your dog stays outside, make sure they have a dry, draft-free shelter that is raised off the ground. The shelter should be insulated and small enough to retain your dog’s body heat.
- Monitor Temperature: Always check the temperature before taking your dog outside. Wind chill can make it feel much colder than the actual temperature.
- Protect Paws: Snow and ice can accumulate between your dog’s toes and caused frostbite or discomfort. Consider using dog booties or paw wax to protect their paws.
- Dry Off Thoroughly: After walks or outdoor play, dry your dog off with a towel to prevent them from getting chilled.
- Adjust Diet: Dogs burn more calories trying to stay warm in the winter, so they may need more food during this time. Consult your vet for advice on adjusting their diet.
- Watch for Antifreeze: Antifreeze is highly toxic for dogs but has a sweet taste that may attract them. Keep it out of reach and promptly clean up any spills.
- Keep them Leashed: Frozen bodies of water may appear safe but can be thin ice patches. Keep your dog leashed near bodies of water and avoid letting them walk on frozen ponds or lakes.
- Grooming: Trim the fur between your dog’s paw pads to prevent ice buildup. However, keep the rest of their coat longer for warmth.
- Provide Plenty of Water: Dogs can become dehydrated in winter as well as summer. Ensure they have access to fresh water at all times.
By being mindful of these potential dangers and taking proactive steps, you can help ensure that your dog stays safe and comfortable throughout the winter months.
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How to Stay Safe During Extreme Cold Weather Conditions
A polar vortex refers to a large, rotating mass of cold air that typically forms near the Arctic. It generally remains over the North Pole, but sometimes it can shift southward, bring extremely cold temperatures to regions far from the Arctic, including parts of North American and Europe. When the polar vortex weakens or splits, it can send frigid air down to lower latitudes, causing significant cold weather events.
To stay safe during extreme cold weather associated with a polar vortex, here are some key tips:
- Dress Appropriately
- Layer Up: Wear several layers of clothing to trap body heat. Start with moisture-wicking base layers, followed by insulating layers (like fleece or down), and finish with a waterproof, windproof outer layer.
- Cover Extremities: Wear a warm hat, gloves, scarf, and insulated boots. Cover your face, especially your nose and ears, which are most vulnerable to frostbite.
- Avoid Tight Clothing: Tight clothes can restrict blood circulation, which makes it harder to stay warm. Wear looser layers to allow for circulation.
- Limit Time Outdoors
- Stay Indoors: In possible, limit outdoor exposure. If you must go outside, take frequent breaks inside to warm up.
- Know the Wind Chill: Wind chill can make the air feel much colder than the actual temperature. When wind chill drops below -20 degrees Fahrenheit (-29 degrees Celsius), frostbite can develop in less than 30 minutes.
- Prepare Your Home
- Insulate Pipes: Prevent pipes from insulating them, especially those in unheated areas like basements or attics.
- Seal Drafts: Ensure your home is properly insulated and that windows and doors and sealed to prevent cold air from entering.
- Stock Up: Have emergency supplies, including blankets, a battery-powered radio, food, and water, in case power outages occur.
- Be Cautious on the Road
- Winterize Your Car: Make sure your car is equipped for winter conditions—check tire tread, fluid levels, and ensure your car has an emergency kit with blankets, food, and a flashlight.
- Drive Carefully: Avoid driving in extreme cold unless absolutely necessary. Roads can be icy, making driving hazardous.
- Know the Signs of Frostbite and Hypothermia
- Frostbite: Early symptoms include numbness, pale or waxy skin, and a tingling sensation. In severe cases, skin can become hard and purple.
- Hypothermia: Symptoms include shivering, confusion, slurred speech, and drowsiness. If someone shows signs of hypothermia, get them to a warm place immediately and seek medical attention.
- Monitor Weather Alerts
- Stay Informed: Pay attention to weather warnings and advisories for your area. Emergency management agencies will issue warnings about extreme cold or dangerous wind chill factors.
By following these precautions, you can stay safe and minimize the risks associated with extreme cold weather brought on by a polar vortex.
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