With the dramatic impact Covid-19(Coronavirus) and the resulting lockdown, there has been a lot of confusion over what support can provided including how business insurance policies can help and what obligations you have. The answer to those questions can be complex.
In order to help – our sister company, Wootton Taylor Insurance Brokers, has provided this list of frequently asked questions. For more help go to:
Contact page or call the office number.
Questions and Answers:
Will my business insurance cover loss of income due to Covid-19?
Your business insurance may cover loss of income Provided that you have loss of income or loss of revenue – business interruption insurance with a denial of access extension that includes cover for infectious diseases. The cover will then be dependant on whether your policy excludes certain types of outbreak such as Covid-19.
Is there any other support my business insurance can provide me in relation Covid-19?
Possibly. Some help may be available if you have an increased costs of working or additional costs of working business interruption policy for costs associated with changes to the way you work during the outbreak. This would be still be dependant on the points above and will vary from policy to policy. It may also be possible to claim for costs directly related to Covid-19 such as deep cleaning costs under your buildings or contents cover. This will again be dependant on your individual policy wording.
What about my unoccupied business premises?
You will usually have obligations under your policy relating to periods of unoccupancy including notifying your insurer. Some insurers have waived the need to notify unoccupied premises if it is related to the Covid-19 outbreak, however your obligations set out in your policy wording will still need to be met.
Will working from home affect my home insurance?
Ordinarily you would have to notify your home insurer if you work from home, however the Association of British Insurers has announced that due to the unusual circumstances you do not need to notify your insurers if you are working from home due to government advice and your policy will remain valid.
Will I be able to take out cover for future Covid-19 outbreaks?
The likely answer is no as insurance companies are now including exclusions for covid-19 in their policies due to the widescale impact. However it may well be worth considering the impact of any future interruptions to your business with contingency plans alongside a review of your current insurance arrangements.
If in doubt Consult your broker or contact WT Insurance Brokers for more information
All this can be very confusing so your best option would be to consult your broker. Alternatively Wootton Taylor Insurance Brokers are happy to provide advice to any accountancy client, free of charge so please feel free to get in touch.