Marsh issues warning to businesses on Coronavirus risk

Global broker Marsh has issued advice for mutlinational organisations on the Wuhan Coronavirus.

The virus - which is thought to have originated in the Chinese city of Wuhan - has so far infected over 800 people, mainly in China, and led to the deaths of 26 people.

Marsh recommends businesses take action immediately to “review, test, and potentially update critical plans related to business continuity, crisis management, and crisis communications.

”While examining existing plans, consider the potential effects a worsening outbreak could have on employees, revenue, suppliers, reputations, and more and work with other stakeholders to prepare accordingly,” it added.

It calls for mutlinationals to pay particular attention to insurance coverage among other things. 

Insurance coverage

”Review applicable insurance policies, prepare for potential claims, and consult your broker if you have questions.”

”The impacts from a potentially worsening Wuhan coronavirus outbreak to your business could be severe, but taking these steps now can help you better prepare, plan, and protect people and operations,” Marsh warned.

Travel policies

”If travel to Wuhan is necessary, the CDC [Centers for Disease Control and Prevention] recommends avoiding contact with sick people; avoiding animals, animal markets, and meat and other animal products; and frequently washing hands.

”Returning travelers exhibiting symptoms should immediately seek care and avoid contact with others.”

Employee wellbeing

“Monitor updates from public health officials and governments and keep employees informed and educated about the outbreak and any steps being taken to safeguard their health. Encourage employees to remain home when sick and telecommute if the outbreak worsens.”

Supply chains

”Identify operational and revenue impacts from potential disruptions to key suppliers and vendors. Also consider the feasibility of sourcing goods, ingredients, and component parts from alternative suppliers.”