The Liability Risks of Business Owners due to COVID 19 needs to be Re-Examined

Whether this is the right time to open the business is debatable but a number of countries throughout the world have decided to get back to business. This means that the businesses will open even when the risks associated with the corona virus pandemic continues to be there. The risk of exposure continues to remain and the businesses face a great liability when they meet their vendors and the customers. The risks related to the employees also continue to be there. When other parties from outside, get inside the business premises, then the liability is with the businesses.

The companies face a high risk of liability

 The risk due to the liability continues to be there and this will be understood at a time when filing the law suits will be at its peak. But the problem is that even if the businesses are kept close that would also lead to economic hardships that is probably a higher risk. Thus the businesses have no other option but to continue with their businesses with an additional liability risks associated with it. The politicians are trying to provide some kind of immunity to these business owners and trying to provide some ways that would help in reducing this potential risk. It is very important for all companies to have a proper business insurance.

Know what the Finance Minister has to say

The Finance Minister of Ireland has asked his officials to check out the insurability of the claims and the liability that may arise due to the COVID 19 pandemic. It has also been said by Labour's Brenden Howlin, that it is not possible for the businesses to open even after the lockdown is lifted if there is no COVID 19 insurance provided.

One of the hoteliers have clearly mentioned that they would not be able to open their business till the time they are able to get a COVID 19 insurance done for their business. This is because in case a guest or a worker gets this infection in the premises, then there is a high possibility that the owner will be held responsible.

He said if a worker or a guest contracts the virus while staying there, there is a fear the owner could be held liable. Therefore it is important that the businesses are able to get some sort of insurability or indemnity without which opening the businesses is almost impossible. The Finance Minister has also agreed that operating safely in the COVID 19 environment is quite a big challenge for the businesses.

 Some arguments as to why the insurance companies should provide this insurance

The insurance companies should cover these liabilities due to the fact that these type of claims are not very common. There are however a number of complexities related to this. One of the complications is that, knowing the nature of this COVID 19, it is quite difficult for any individual to make a claim against a particular company. This is because proving such a case is almost impossible. Therefore there is no point in assuming that there is a basis of lodging a claim in future.

What Howlin said about the businesses is quite obvious and therefore the minister has been talking to the insurance companies and asking them to do their bit during these trying times. You will have to wait to find out what exactly happens. Getting insurance from one of the best business insurance Ireland will certainly be helpful.