Insurance cover might not be at the forefront of your mind at the moment, but it is as important now than ever.
We have already explored and communicated some important features and changes to your insurance cover during the Covid-19 pandemic. We have spoken to lots of companies who have made adjustments to their business to adapt and follow the governments guidance, which as we know includes working from home where possible. Recently we discussed premises becoming unoccupied and the need to inform insurers in these circumstances. Whilst a lot of insurers have amended their standard wordings to allow some leeway with the notification period, we would urge you not to lose track of this.
Where computer and other office equipment have been taken away from the office and to the homes of employees, it is also important to ensure your insurance extends to cover this, often known as ‘All Risks’ cover. Again, insurers appreciate the unprecedented circumstances, and many have automatically extended their policies, but it is vital that you make your broker aware of this so they can confirm accordingly and amend your cover if necessary.
At this juncture it is also important to consider the other risks to your company which have increased as a result of the changes we’ve all had to make. Cyber attacks are on the rise which make it all the more difficult for businesses to function with their employees at home, relying on the limited equipment available. Other exposures that may also be increased are Directors and Officers as well as Employment Practices Liability. Therefore, it has never been more important to assess your cover and vulnerabilities.
It may be the case that some of the cover you have can be reduced if not currently required or being used, however, this will depend on your individual business needs and activities. We would suggest contacting your broker for a discussion on this matter if this could apply to you.
By Molly White Cert CII – Commercial Account Handler