Back to work? Check your Retail Insurance!

As the days and weeks go by, those of us who have been working remotely might be starting to hear some extra noise when the windows are open, due the current sunshine & heat. From March 23rd things got very quiet in most parts of the UK. There was no more morning rush, buses and cars had come to a halt not even venturing outside their driveways or curb side. There is now a different feel…quite literally there is more noise. Construction workers can now be heard with clanging throughout the day on metal or concrete. That noise before was often drowned out by the ‘other’ noise that will surely & inevitably return. However, slowly at this stage, one feels there are steps being taken (slow steps) to get everyone back to normality. There is an air of positive that has been lacking for the past few months. There is a glimmer of light at the end of the tunnel. Retailers..now would be a good time to check you have everything in order including Social Distancing measures, staff training procedures and your Retail Insurance.

‘Lockdown’ will have affected us in many different ways. It will affected different industries in many different ways. Businesses suddenly have had to adapt (where they could). Business models that were once thought impossible to be implemented have been implemented, as they had to in order to survive. People & business have adapted, to their credit. Businesses that have adapted have managed to keep things ‘ticking over’ at best (in the majority of cases) or even some business that have thrived have adapted & made changes. However those changes will not stop there – business will have to continue to change with the climate, which appears to be changing every other day. Just remember, when you make changes to how you do your business, where you do your business & when you do your business, it is a good idea to tell your insurer.

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Local Businessman Sanjay Ghosh of Image Nation NI has been involved in Business Promotion for many years. He told us:

“Business is changing vastly. Some have closed down due to cash flow issues, but more often than not they are diversifying and adapting to the climate. Those who have done this, have survived and in some cased thrived. Many of the restaurants have gone 100% takeaway service and changed up their menus drastically. They now spend time on Social Media campaigns and have injected time and effort into increasing their online presence to compensate for the reduced footfall they previously experienced. Financial institutions who once saw face to face meetings as the ONLY way to set up a life insurance policy have now taken to digital technology using Zoom to set up policies – something they never thought possible before. Such companies are now using e-signature technology to get around sending paper by post. The agility of some of these companies has been extraordinary.”

Business Owners – Will I be charged more?

Not necessarily. In fact, in many cases you should be getting a return premium to reflect the lower risk levels of, for example Retail Insurance . You may be trading less hours, and you will certainly not be having the same footfall levels you had back in February, if you are a restaurant for example. With that in mind, restaurants may now be operating a takeaway only service. Talk to your insurer and chances are, there are savings to be had!

Property Owners – Is my building still insured now it is empty and I work remotely?

Many business owners will own their own building too, but insure it under a Property Owners policy for all sorts of reasons. To answer the question, yes, it should still be covered. However, we recommend giving your insurer a call. Lockdown has gone on for more or less 2 months now, insurers will give a certain amount of time of full cover (normally 30 days), and then cover will reduce to cover Fire, Lightning, Earthquake, Explosion (normally) only. This is known as FLEE cover – from insurer to insurer this basic level of cover does vary as some will include Aircraft cover also.

There are normally 3 things to consider when your property becomes empty:

  1. The cover over time will reduce – expect FLEE cover after 30 days
  2. The conditions will increase – extra checks or increased security for example
  3. The premium may also increase – to take into consideration the high risk

Most importantly tell your insurer or broker & they will then make sure you know what conditions to comply with, so any potential claims will be paid in full.

Top Tip – Check your policy wording under the Unoccupancy section. Check your policy wording’s definition of ‘unoccupancy’ and make sure you comply with any condition. You have done the hard part, your business is still standing, make sure you are not left with a large bill after a leak as the insurer refuses to pay for as you didn’t comply with the condition of turning off the water supply.

Remember, residential landlords are classed as business owners too – in the eyes of the insurer.  You too should be treating it like a business and that does not only apply to multiple property landlords. If you are responsible for maintenance issues or repairs and require the help of a third party to put right, then speak with your tenant and make sure everyone is briefed on social distancing and what would be the best time to arrange a visit by a contractor.

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Why choose the Property Insurance Centre

Independent advice by approachable staff online or by phone

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.

We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.

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