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01 July 2020

Does your insurance provide adequate cover for your new way of working?

As lockdown eases and the rules for businesses opening and social distancing change, each sector faces its own set of challenges and requirements. With all businesses facing a different way of operating, it’s essential to ensure your insurance is up to date and reflective of your new way of working.

We’re keen to hear if you have diversified, altered or changed your business model in any way following the coronavirus outbreak as there may be implications regarding your insurance. For example, if you have not been working in your premises for a number of consecutive days, you may be unaware that they may now be defined as ‘unoccupied’, requiring a change in your insurance cover.

Over the past few months, with so many businesses affected by Covid-19, insurers have shown flexibility regarding existing conditions on a policy. However, with businesses returning to work, insurers are reverting back to existing wording, and it’s important to ascertain that you are now adequately covered.

This is especially important if your business model has changed - for example, if your stock levels have altered, your business activities changed, your tenanted property vacated or your business property unoccupied because you are no longer operating.

There is also the possibility that your insurer is happy to extend interim conditions for a further period of time so you are not penalised in any way. As you can see, there are many different scenarios and it’s important to look at your individual circumstances to make sure your insurance policy provides appropriate cover.

As your insurance broker, we are in regular contact with our insurance partners, giving us an up-to-date knowledge of current changes and enabling us to review your policy to ensure it reflects changing requirements in this post-COVID-19 world.

To review your insurance requirements or discuss any other insurance related topic, please contact your usual account executive or account handler, or alternatively call us on 0116 265 4300 or email [email protected].