Covid-19: Could your clients have been covered?

Could your clients’ BI policies have been extended to include cover for what has happened?

The short answer is probably no. Almost every standard UK business interruption policy wording provides cover for interruptions following some sort of physical damage at the premises.

Extensions might be available that would extend this to include an interruption caused by an outbreak of certain specified diseases, but these would have been highly unlikely to include Covid-19.

The financial support provided by the UK Government will help many businesses through the current period of uncertainty. But many of your clients will look to you to advise them on whether  additional support is now available –  or could be for the future. Many will be looking for reassurance that their current cover is adequate for their ongoing needs.

Business Interruption is one of those classes of business that insurance staff often struggle to fully understand and explain.  It doesn’t help that the industry continues to offer policy wordings using terminology that’s sometimes ambiguous or easy to misinterpret.

There’s probably never been a better opportunity to review the business interruption covers your clients have in place. The Covid-19 pandemic provides a vivid illustration of just how vital this is to every business in the UK.  

Our business interruption learning resources can help you and your staff understand exactly what it takes to source appropriate cover at a fair price for the risk – and avoid the potentially costly mistake of purchasing inadequate or overpriced protection.

–  Robert Young, Trainer

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