General Manager of Bryson’s Insurance Marjorie Parchment said while some businesses, at the very least, have insurance to cover the physical structure of their establishment, they do not have coverage to cover loss of income and other aspects if they should close for varying reasons.
Some businesses, on the other hand, have no insurance coverage at all.
“I think government or another authority should come in and basically enforce or enact legislation to ensure that all businesses have insurance to cover Third Party liability (customers) as well as liability to their employees,” Parchment said.
“When a business goes out of operation they may still have an obligation to pay severance to their staff members. Under the laws of Antigua, you are still obligated to pay that severance whether or not the business is closed,” Parchment added.
According to the GM, the Workman’s Compensation Act already mandates that certain sectors must have Workman’s Compensation insurance due to the risk associated, but there are currently no laws on the books for persons to have Third Party insurance.
Parchment said this should be in place at certain industries, such as restaurants and other establishments of that nature.
The insurance agent is advising potential employers not to go into business without adequate insurance to cover physical assets, interruption in business and obligation to employees and third parties.
On Sunday, a popular restaurant, located at Gambles Terrace, was destroyed in a fire. The owner of the restaurant said he had no money to rebuild. The 15-year-old business was also without insurance.