Are you insured for the effects of the Covid virus on your business?
The Government states the following: Businesses that have cover for both pandemic and government-ordered closure should be covered.
I’ve taken advice from an industry specialist today, who said “These types of cover very rarely exist. You should proceed on the basis that you’re not insured. Some policies have infectious diseases cover, but these must be existing, named diseases when the cover is taken out, and obviously Covid is new.”
The short answer is, no..
So what can you do to make sure you manage your business insurance properly right now?
- Do not cancel the premiums – You have legal obligations for both Employers Liability and Vehicles. Also a great deal of you will have empty premises at the moment with obvious heightened risks of fire, theft and flood may result in a claim.
- Reassess your cover – Your offices are empty, so your team may be taking assets off-site (PCs, laptops, furniture, etc), or you may have invested in Capex for home working. Do you have enough cover and the right type?
- Don’t invalidate your cover – policies can contain clauses such as you must drain your water system after seven days of absence, turn off your electricity within five days, etc. Either comply with the clauses or have them amended.
- Security – Have you put policies in place for who can access the office and when? Does your office have an alarm? Is that linked to the police, or at least an app on your phone? Do you have CCTV, and is that monitored independently?
- If you feel the security over your premises is inadequate in the current situation, please contact our advisers who would be very happy to assist with your improvements:
Clear Image Systems Limited
01274 662626
http://www.clearimagesystems.co.uk - Speak to your broker – and discuss all of the above