INFORMATION Insure yourself against Covid-19 impacts


As businesses of all sizes from across the East Midlands continue to adapt to the challenges created by Covid-19, it’s understandable that insurance arrangements aren’t at the top of the agenda. Looking after staff and clients should, of course, be every business’ focus. But, it’s also important to consider what current circumstances mean for your insurance - it might impact on more areas than you think. Here are a few key points to consider, from Christopher Mallett (pictured), Associate Director of the Commercial Division at Chamber strategic partner Aston Lark:


BUSINESS INTERRUPTION The main concern of most businesses is whether their business interruption insurance covers the financial impact of Covid-19. Policies have traditionally been designed to cover interruption following physical damage to your property and with many insurers, this is where cover ends. Some policies include extensions


that may offer cover. If your business interruption policy includes cover for ‘non-damage denial of access’ or ‘notifiable diseases’, there may be some cover provided for Covid-19-related interruption. Even where these extensions are included, though, cover may be triggered only in specific circumstances. It’s important to consult with your broker to understand the detail of how your policy responds. Either way, don’t assume that cover is or isn’t included – make sure you ask the question of your broker.


CHANGING YOUR BUSINESS ACTIVITIES The innovation and flexibility of many businesses across the East Midlands has seen them adopt new activities in a short space of time. If you have changed what you do – from shops branching out into food delivery to manufacturers switching to making PPE – make sure you let your insurer know. An accurate business description


is key to making sure that insurers understand what you do and effectively protect your business. If it’s not up to date, you could face a claim arising from new activities not being covered.


UNOCCUPIED PREMISES Whether you’ve been able to move to homeworking or have had to pause things completely, chances are the premises you usually trade from are currently unoccupied. Even if you aren’t responsible for arranging insurance for the building


itself, your policy will likely include certain conditions you have to comply with when it is out of use for an extended period. Many insurers are responding to


the Covid-19 situation either by extending how long a building can be unoccupied before conditions apply or waiving these conditions altogether. Understanding what allowances your insurer has made – if any – is key to avoiding falling foul of your insurer’s requirements.


USING COMPANY VEHICLES There has been an overwhelming community response to Covid-19, and you may be contributing as a business by allowing staff to use company vehicles when they work as NHS Volunteer Responders. If you are doing this, make sure you check your motor insurer’s stance on this driving – many are extending cover automatically, but it’s sensible to check.


Businesses can access a range of useful information available from Aston Lark’s dedicated Coronavirus Resource Library, at www.astonlark.com/coronavirus- response


Understanding what allowances your insurer has made – if any – is key to avoiding falling foul of your insurer’s requirements.


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