COVID-19 (coronavirus) FAQ

Have a question about Covid-19 and how if affects your business insurance? We answer all your questions here.

No. Insurance companies will not cover incidents that occur before you bought the policy.

For instance, if you bought a motor insurance policy after you got into a car accident, you wouldn’t be able to file a claim. The same principle applies here. 

No. Business interruption coverage excludes Covid-19-related causes. Some business interruption policies do cover specific infectious diseases like SARS, MERs, and flu outbreaks, but exclude diseases classified as pandemics (i.e. Covid-19).

Business interruption coverage only applies for shutdowns not related to Covid-19. For example, some
business interruption policies cover infectious diseases like SARS.

However, if the shutdown is related to Covid-19, coverage won’t apply from any insurer due to the virus’
pandemic classification.

No. Business interruption does not cover closures you make on your own volition.
Business interruption usually covers disruptions to your business due to:
  • Fire & explosions
  • Water damage & floods
  • Machinery & equipment breakdown
  • Supplier disruptions (e.g. non-delivery of inventory)
  • Customer non-payment
  • Burglary, malicious attacks, vandalism
As you can see, coverage is quite wide. If you get your business interruption policy from Provide, we guarantee broad business interruption coverage that’s tailored to your exact needs.
There is usually a minimum disruption period of 24 hours for coverage to apply. This means your business must be shut down for at least 1 day before you can make a claim.
Because of its pandemic classification, the risks for insurers is too significant. Given its extraordinary spread, many insurers are likely to interpret Covid as an “act of god”, which would exclude coverage for the disease. Any insurer willing to offer business insurance cover for Covid-19 would almost certainly suffer significant losses. This would also unfortunately cause premiums for all policyholders to increase – and the increase would likely be dramatic.
Yes, because business insurance protects you from many risks that could cost your business significant amounts of money. 
Covid-19 has triggered a severe global slowdown, causing Singapore to head into a recession.
Although there are no business insurance policies that cover Covid-19, we strongly recommend getting a business interruption policy as we head into a recession. Business interruption insurance covers many risks associated with a recession, like:
  • Suppliers not delivering their goods to you, causing business disruption
  • Customers not paying you on time, causing your business to shut down
We also strongly recommend renewing your business insurance with us. If you renew your policy with us, we guarantee you at least a 10% discount, and similar or better coverage. Business owners need to save as much money as they can in a recession, and Provide is the best option for companies to save money whilst maintaining the same level of protection.

Questions? Leave us a message - we'll get back to you ASAP.

  • This field is for validation purposes and should be left unchanged.
Close Bitnami banner