The recent outbreak of the novel coronavirus in China, known as Covid-2019, is raising global concern among individuals and businesses alike. South Korea has seen a surge in cases, totalling approximately 5,000 cases while Iran, on the other hand, has 210 deaths so far. With cases surpassing 90,000 globally, it comes as no surprise that companies across the board are stepping up preventive measures proactively in a bid to curb the impact the virus is having on business and employees.
Not only does the outbreak put insurance companies under scrutiny, it reinforces the importance of making sure you have insured the health of your employees, with adequate medical insurance plans in place. Individuals are also reminded that their wellness should not be taken for granted – personal insurance plans are also equally important in times like these.
Read more about the different types of business and personal insurance plans that are essential in Singapore here.
With over 10 years of experience in tending to the insurance needs of the expat community in Singapore, we want to communicate the need for increased safety and care during this sensitive time for our clients.
How Can Businesses Respond To The Coronavirus?
As more countries report cases and deaths, the global financial markets take a plunge, affecting millions of businesses worldwide. There are several measures that can help slow down the spread of the disease. In order to fight against the coronavirus, businesses have to be proactive in implementing these steps.
So, how can businesses respond accurately and timely to the coronavirus?
Tracking Official Sources For Coronavirus Updates To Guide Business Continuity Plans
Calls may be coming in, sales may be dropping and clients may be concerned. However, businesses can stay on top of soon-to-be pandemic by tracking official sources such as the WHO for daily updates and accurate information. The Ministry of Manpower also lists the latest advisories on the Covid-19.
We also find that developing a system of updates can enable companies to act quickly if there are developments that could potentially affect the business. By staying up-to-date, businesses can then communicate timely updates to their employees.
On that note, what are some of the ways that you can protect yourself and create a safer environment for your employees?
What Do I Look Out For?
As the virus continues to spread internationally, it is imperative that individuals take the necessary precautions to protect themselves.
The main symptoms that healthcare practitioners look out for are:
- Shortness of breath
As these symptoms are similar to the cold flu, those experiencing the above should consider the following:
- Have travelled to China and the other countries with a high number of cases or in contact with someone who has?
The symptoms can begin to show anywhere from two to fourteen days. If you have felt unwell, it is recommended that you stay home and consult your general practitioner.
Practicing Good Hygiene At Home & Work
Washing your hands regularly and using a tissue when you cough or sneeze are the best way to prevent any spread of flu bugs. These viruses are commonly spread through droplets – so they are easily spread when someone touches their face, eyes or mouth with unwashed hands.
To lower the risks of getting infected, it is advised to practise good hygiene, staying away from crowds, using a mask when necessary and avoiding sharing any food items.
Find out what type of top-up insurance plans you can implement to your current plans here.
Protecting Your Business: Group & Employee Medical Insurance
Having adequate coverage with group health or employee medical insurance would come in useful during times like these. Going to the hospital, getting tested and a stay at the hospital can become very costly over time. If you have already insured your business and employees with medical insurance, you are in safe hands. The coronavirus outbreak also reminds us of the importance of taking care of wellness – by acquiring insurance coverage in Singapore both for the company and the employees.
In an increasingly globalised world, it can be very challenging to avoid travelling for business. While ministries like the Ministry of Manpower (MOM) have dissuaded professionals from non-essential travel, it is highly advised that you acquire travel business insurance as a preventive measure if you do have to travel.
Contingency plans kick in high gear during epidemics like these. Insuring your organisation with the essentials – professional indemnity insurance, business travel insurance and employee medical insurance are vital in uncertain times.
Business travellers are encouraged to also check the policy details of their travel business insurance. How much and what type of coverage is provided? Some policies cover trip cancellation, while others take care of flight delays, waivers of cancellation fees or basic medical coverage.
Advising Your Employees: Personal Medical Insurance
Employee focused medical insurance is important for any successful business – it is part of the wider range of benefits that many professionals look for before they join a business. At the same time, businesses need to encourage their employees to become individual policyholders as well to ensure coverage for rainy days.
Some of the common medical insurance policies are:
Need to speak with someone about the options available? Contact our team to schedule a consultation today.
Providing Clarity Through Communication Channels
During volatile times like these, businesses still need to engage with their customers, clients and stakeholders.
FAQ pages are a great way to answer all of the common queries your customers or clients may have. Setting up a section or microsite on commonly asked questions circling the coronavirus outbreak signals clear, effective communication to your clients.
Alternative work channels and solutions can also ease existing anxieties among employees at work. Working from home, roster-based shifts and leveraging social platforms for online webinars and live sessions creates opportunity to keep productivity levels consistent.
Combatting The Coronavirus Outbreak
Dealing with the coronavirus outbreak can be managed effectively with timely communication, strong business continuity plans and coverage.
A proactive strategy combining education and communicative tools will position your business strongly during volatile and uncertain times. As the leading provider of medical insurance coverage for the expat community in Singapore, we are committed to guiding our clients during this sensitive period.
Schedule a consultation with us to find out how we can help you and your employees.