What Types of Insurances Cover COVID-19 Losses?


In light of the recent coronavirus outbreak, more and more people are dealing with insurance-related problems handling the outbreak of the disease. What types of losses are you covered under insurance that could possibly stem from the COVID-19 outbreak? Whether there is coverage available for a specific matter is influenced by the individual loss or claim as well as the wording of a certain insurance policy. Below we’ve laid out potential areas of coverage related to the coronavirus crisis.

Fiduciary Liability Insurance Fiduciary claims may arise from the mishandling of fiduciary responsibilities and duties in regards to an employee benefit plan. Fiduciary claims can amplify attributable to market turbulence from alarming factors like the coronavirus. Fiduciary liability insurance offers coverage to establishments for liability from a plethora of fiduciary liabilities to workers.

Errors & Omissions Insurance These policies are designed to cover claims from allegations of negligent actions, inadequate work, or failure to perform duties. Colonial Surety Company offers Errors and Omissions protection for pension professionals that protects the professional and the company from client claims. For any liabilities or claims resulting from COVID-19 related to a firm’s services or failure to carry out services, errors and omissions insurance is worth investing in.

Cyber Liability Insurance Cyber liability insurance covers losses from theft, damages, corruption or disruption of electronic information and data. Since the coronavirus outbreak has bloomed the greatest work-from-home situation in history, cybersecurity is of paramount importance for companies to obtain. Cyber criminals are hungry for valuable, personal information and companies must protect themselves in the smartest way possible.

Colonial Surety Company has just what you need to stay protected during this uncertain time. We offer Fiduciary liability insurance and cyber liability insurance in our ERISA fidelity bond packages to give you the greatest coverage for your company and its employees. What’s more, we offer errors and omissions insurance for pension professionals to protect against serious claims from clients. When you need us most, we are here for you. Contact us today to learn more about the insurance coverages we offer.