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Coronavirus and your Business Insurance

Coronavirus and your Business Insurance

With Coronavirus cases continuing to increase day by day, there are a number of insurance implications to consider for businesses – whether you are continuing to trade through the lock-down or not. This blog looks at the main areas where there are insurance considerations for businesses relating to Covid-19.

Business Interruption

A combined business insurance policy may include cover for business interruption which will usually provide cover for loss of business or loss of profit or income if your business operations are interrupted. The key things to look for in your policy documents is whether you are covered for events other than ‘material damage’. Material damage usually refers to some kind of event which has caused some physical damage to premises such as a fire or a flood. Some policies may also cover you for interruptions which are due to other events with no requirement for physical damage and this may afford some cover for losses which come about as a result of the current issues with Covid-19. This will depend on the specifics of your policy. If you are unsure, do get in touch with a team member to discuss the details of your specific policy.

There have been many high-profile sports and entertainment events which have been confirmed cancelled over the last few weeks. Event cancellation and abandonment insurance could be part of a business policy if this is appropriate to your business. If you have this kind of cover and in place and your business has had to cancel planned events or other activities due to Covid-19 – you may be able to claim. You will need to check the specifics of the policy again to make sure that cancellations due to diseases and pandemic are not excluded from the cover.

Liability insurance

There are also potential impacts on Liability Insurance for businesses during this period. If you are unable to fulfil obligations or contracts due to restrictions on movement or on how you can operate – you may become liable to claims arising from customers, employees or members of the public. If you are continuing as a business to have contact with customers and keeping members of staff working at your business premises you will have a duty of care towards those individuals to keep them safe.

Public liability could cover you against claims from customers or members of the public for failing to adequately protect them from exposure to coronavirus. Employers Liability could cover you from similar claims from members of staff.

Check your cover

It is necessary to remember that there is no industry standard as to whether cover is extended for losses related to disease or pandemic it is important to check your individual policy details to establish this. We should also point out that businesses purchasing insurance now may find that claims arising as a result of Covid-19 may be specifically excluded from policies.

If you are a customer of GM and would like to check the details of any of your business insurance, please get in touch and we will do our best to clarify the position for your individual case.

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