What will a Business Insurance Quote cover in lockdown?

Coronavius and COVID-19 are two things on the lips of people all over the world let alone the UK. In addition to the obvious health issues we are experiencing as a population, it doesn’t take long for radio show hosts or television presenters to mention the need economic salvation. The economy is going to need a kickstart when a handle is on the disease itself, quite simply at some stage we are going to have to get back to ‘business’. When we do it will most likely be in stages, and hearing various media reports business will not just continue to operate the way it used to in a virus-free state, but operate in tandem with the virus. In short, business needs to manage the risk as the virus may be with us for quite some time until a vaccine is ready.

What should business owners do?

One of the most important things to do, is check your insurance policy to see the level of cover it provides or check what your new business insurance quote includes. Currently there is much ambiguity about the level of cover under a business insurance policy. Some policies will only cover certain defined diseases & COVID-19 does not make any list as it is a new disease and unprecedented. Some policies may only cover disease if it is on-site or within a certain distance of the premises for example. Other policies may specifically include Pandemic or Epidemic cover for business interruption.  Business owners should check their policy wordings carefully and speak to their broker when renewing or when taking out any new cover. One thing is for sure – policies are going to change, and that will work both ways. Some insurers may push for business and throw in an all-encompassing singing and dancing policy cover everything from TB to Covid-19. Other insurers may include in an endorsement to your policy schedule (which is variation of the terms of the policy) specifically excluding the disease. See below for examples that are already being noted by insurers today:

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Coronavirus Exclusion Your Insurance Policy does not cover any claim in any way caused by or resulting from: 

a.  Coronavirus disease (COVID-19);

b. Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2);

c. any mutation or variation of SARS-CoV-2;

d. any fear or threat of a), b) or c) above.

The next time you obtain a business insurance Quote you should ask about the business interruption section and what it specifically covers. Historically, Business Interruption is a section of a business insurance policy that many policy holders have cut corners on to save money. It is in fact or should be at least, one of if not the most important part of a business policy. The recent pandemic may not be part of the cover on many policies, but it has at least highlighted its importance if a clear insured peril does occur – such as a fire or flood for example. Time off from trading can finish a business. What you should consider is the following:

  • Have you updated your annual income at renewal time?
  • Have you made an accurate costing for accountancy fees?

Have a query regarding your business and a suitable business insurance policy with adequate business interruption, then why not give us a call on 0800 085 3761.

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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.

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