KANSAS CITY, Mo., Aug. 19, 2014 /PRNewswire/ -- The current Ebola outbreak, deemed "an international public health emergency" by the World Health Organization, has left many companies uncertain of how to properly protect themselves, while ensuring the safety of its employees and operations.
"The situation on the ground is evolving quickly and poses a threat not only to companies with operations in the region, but to all companies who have employees that may come in contact with the Ebola virus while traveling internationally," said Logan Payne of Lockton's International Risk Management Team.
Most companies are concerned with two main areas when facing a pandemic like Ebola: personnel risk and an interruption of normal business operations leading to a loss of revenue. The unprecedented size and scope of this outbreak has caused many companies to question what their response should be and whether insurance products are available to them that may assist.
In his recent report, "Ebola Outbreak: Risk Management and Insurance Considerations," Payne details numerous tips, including four key areas that should be part of a company's recommended response to this pandemic:
- Stay Informed: Keep current of developments and announcements made by the key organizations involved (e.g. WHO and CDC).
- Activate Contingency Plans: Implement measures to protect the health and safety of employees, alternative operational arrangements, and messaging to stakeholders.
- Prevention: With no vaccine currently available, education around the disease and ways to prevent infection is critical.
- Use of Insurance: Insurance may be able to mitigate the cost and complex logistics associated with evacuating an employee or providing emergency care.
The Ebola outbreak has also disrupted global supply chains as ports and borders are partially or even completely closed. To circumvent the additional challenges this issue has caused, Payne's article also provides solutions on business travel accidents, health insurance, liability-based exposures, and business interruption.
"Companies face risks to both their employees and their revenues," noted Payne. "By staying informed on the latest developments, developing or activating contingency plans, educating employees to prevent the spread and infection of the disease, and using available insurance, companies can reduce the impact of this outbreak."
More than 5,300 professionals at Lockton provide 41,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For five consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.