Unless you have been living in a cave you will have heard about the coronavirus (or Covid-19) sweeping the globe.
Cases have been confirmed in Britain with health experts predicting a rise over the coming weeks.
Before we all run to the shops to panic-buy bread and tinned fruit, The World Health Organisation stated on 25 February that it’s currently too early to call a pandemic.
That said most countries are preparing for a rise in the number of cases.
Businesses should too.
The virus is spread easily from person to person so the spread is really hard to keep in check.
Events across the globe – sporting, business and many more – have been hit as organisers have pulled the plug to do their bit to stem the spread.
While the risk of your business or event being forced to close due to the coronavirus as it stands is low, the knock-on effects could still pose a risk.
Those business that rely on supply chains from other countries, or rely on staff travelling abroad will need to think about business continuity – plan for the worst just in case!
Or your employees may simply be wary about travelling to an at-risk area. If you do cancel a trip due to the virus, you could struggle to claim it back on your travel insurance unless it has been flagged by the Foreign and Commonwealth Office (FCO).
It may be that an employee has travelled abroad to one of the infected countries – they will need to follow the latest health advice which includes self-isolation.
That can all have a knock-on effect to a business which could have a serious financial impact.
Most businesses will be wise enough to have insurance in place in planning for the impact of reduced staffing levels, limited travel or a drop in the supply chain. That will help steady the ship if the worst happens.
Those that don’t have insurance, might want to find that cave!
For the latest on the coronavirus visit https://www.who.int/ or https://www.gov.uk/government/organisations/public-health-england