The World Health Organization (WHO) is calling the current Ebola outbreak in West Africa "an international public health emergency." And while at one time an epidemic on the other side of the world would have been a non-issue for U.S. businesses, today's global economy makes it relevant to many companies.
In a new report, "Ebola Outbreak: Risk Management and Insurance Considerations," Logan Payne of Lockton's International Risk Management Team examines what businesses can do to ensure the safety of their employees and maintain normal business operations during a pandemic like this Ebola outbreak.
Most businesses focus on two main areas when facing a pandemic: personnel risk and potential interruption of normal business operations, leading to revenue loss. The magnitude of the Ebola threat has caused many companies to examine their disaster planning response and what insurance products can help mitigate the risk.
The report includes numerous tips, including four key areas that should be part of a company's recommended response to this pandemic:
- Stay informed: Keep current on developments and announcements made by the key organizations involved, such as WHO and the Centers for Disease Control.
- 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 can mitigate the cost and complex logistics associated with evacuating an employee or providing emergency care.
Nurses await Ebola patients for treatment in West Africa, August 2014
"Companies face risks to both their employees and their revenues," Payne says. "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."
To download a copy of the report, click here.
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