The Coronavirus outbreak is disrupting all areas of our work lives at the moment and some businesses have had to temporarily close, as a result. Consequently, insurance companies are currently making allowances to accommodate for the unfolding effects of COVID-19 on businesses, that are not in operation amidst COVID-19.
If your work premises are currently unoccupied due to COVID-19…
-Where all appropriate steps have been taken to reduce risk of damage to your unoccupied business property, insurers will be more lenient around the period of un-occupancy, as specified in your policy wording.
-The risk of fire, theft and escape of water to the building increase when a business is un-occupied, but risk management should still be adhered to, to protect your business property – so ensure you know what is required of you.
-Depending on individual businesses, some insurers have now waived the requirement that stipulates you must immediately notify them of their unoccupied status. This can allow you to focus on managing your business and reduce the increasing volume of calls that insurers are currently receiving.
-As with any amendments to your insurance at the moment, you should contact your broker or insurance company directly, if you are unable or unlikely to comply with any aspect of your insurance contract – for example, with on-site security.
Even if your business cannot operate at the moment, you should still keep your business insurance…
-Your business insurance still covers your business for everyday risks – such as workplace accidents, public liability, stock or premises damage, legal costs and cyber-attacks. Some of the increased risks of an unoccupied business still need cover – for vandalism, theft of stock or equipment, loss of information or damage to the IT systems and networks. Equally, insurance, such as employer’s liability and commercial motor insurances, are legal requirements, so must be maintained.
-If you experience property damage to your business during this outbreak, inadequate Business Insurance may result in a delay to re-open your business again, when it’s permissible.