Business Insurance Lockdown Concerns

It seems very likely there will be second wave of coronavirus in the not too distant future. Whether or not that brings a second lockdown on the same scale as the one we saw in March remains to be seen. People will no doubt be concerned from a health perspective, but what about from a business perspective for business insurance in Northern Ireland? Being a business owner there will no doubt be even more uncertain times ahead. One thing that will be needing some clarity is the Business Interruption Insurance coverage some insurers have provided for on their policy wordings.

You may or not be aware, the FCA is involved in a test case to see if there can be much needed clarity brought to coverage under a business insurance policy & more specifically, the Business Interruption insurance afforded under them. The main aim of the test case if to see if insurers should cover non-damage BI claims under their business interruption section of the policy wording.

Even in the cases where liability has been agreed by insurers, the same insurers (in some cases) are making deductions for the Government Support that a policy holder will have received during the first wave of the Pandemic. The test concluded on 30th July and we all now currently waiting on the High Court judgement – a decision that will affect a great many people. Not only business owners will be watching closely, but employees will also – their job may well depend on it should there be more cuts due to a second waive. A critical moment awaits many of us.

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With some form of lockdown likely, it is vital that we are prepared. Unlike the first time where there was a mad rush to set up remote working, all plans should now be in place to implement these procedures in the event of re-occurrence. The transition should be seamless for business owners that have already operated remotely. Many however, have been unable to. Now is the time to implement provisions in the event of a second lockdown, to ensure employee safety and the continued ability to trade is maintained (in some form) where possible. Business owners, although not responsible for their employees home insurance policies, should clearly point out that employees should be checking with their home and contents provider to see if their cover is adequate for working from home. Some insurers will give this cover for only a certain amount of time and therefore many home insurance policies may become invalid. Be clear with your staff and give your recommendations on what they should be doing with their own insurance policies, should there be a lockdown with working from home once again implemented for many of us – it should also be documented!

If you need any advice or clarity around business interruption of a business insurance northern ireland policy then call us on 0800 085 3761 and we will be happy to help.

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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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