Business Insurance Implications for Coronavirus
COVID-19 is forcing US businesses to face a number of insurance implications, and you maybe wondering if any of your policies will pay for claims resulting from the outbreak.
The main policy that might come into play is business interruption coverage, which is a common coverage on a business owner's policy or commercial property policy. But in this case, it's
unlikely the policy would respond to a business interruption claim.
Emergency Workers' Comp Rating Changes
Emergency rules are being developed to guide workers' compensation classification and claims for
COIVD-affected e mployers and their workers in California.
The Workers' Compensation Insurance Rating Bureau's Classification and Rating Committee will meet April 14 to discuss three important changes to the state rating plan:
1. COVID-related claims filed by workers would be excluded from an employer's
experience rating and would not affect their X-Mod. 
2. Salaries paid to workers who are at home, not working yet still collecting a
paycheck, would be excluded for workers' comp premium calculations. This would effectively reduce the employer's premium.
3. Anyone doing the same job at home and performing mostly desk work, would be more closely rated towards clerical for workers' compensation premium purposes. This also could reduce the
employer's premium.
If the C&R Committee approves the rules, the WCIRB's Governing Committee will vote
on them and forward them to the insurance commissioner for approval. The rules would sunset 30 days after authorities lift the stay-at-home order. 

The CARES Act Boosts Unemployment Benefits 
The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus law
has a number of provisions that employers and their workers need to know about and can
take advantage of during this crisis. 
The CARES Act aims to help workers and employers weather the outbreak by:
* Extending unemployment benefits.
* Requiring health plans to cover COVID-19 related costs.
* Providing Small Business Administration (SBA) emergency loans.
* Tax credits against employment taxes.
Law Requires Paid Sick Leave, FMLA Benefits 
Legislation signed into law by President Trump extends sick leave benefits for workers who are stricken by the coronavirus or ordered to self-quarantine, as well as provide for time off under the Family Medical Leave Act, which provides job-protected leave. 
The Families First Coronavirus Response Act provides financial support for workers employed by companies that have fewer than 500 employees if they have to take time off for coronavirus-related reasons.

Economic Injury Disaster Loan Advance by SBA 
In response to the COVID-19 pandemic, small business owners are eligible to apply for an
Economic Injury Disaster Loan advance of up to $10,000 from the Small Business Administration.
This advance is aimed at providing assistance to businesses that are experiencing a temporary loss of revenue from the outbreak. Funds will be made available following a successful application. This loan advance will not have to be repaid. 
This program is for any small business with fewer than 500 employees (including sole proprietorships, independent contractors and self-employed persons) as well as private non-profit organizations affected by COVID-19.