Tips on how to manage back your monthly insurance costs and check you’re covered
The STA has been working with some of members who are experts in the field of insurance to bring you some suggestions on how you can manage your monthly insurance costs throughout the Covid-19 crisis.
- It’s worth approaching Insurers to say that the turnover estimated will of course not be achieved due to Coronavirus and see if they would adjust mid-term to provide some savings.
- Also worth advising them of the reduction in wages during this time, as again, whilst you still have responsibility for furloughed staff, the risk is much lower for Insurers.
- For vehicles which are not in use due to this situation, such as minibuses or commercial vehicles, ask Insurers if they will consider reducing to laid up cover of damage, fire and theft and providing a return in premium. Insurers will require evidence or at least confirmation that vehicles are SORN (statutory off road notification with DVLA).
- Is there a significant reduction in Stock at your premises? If so, instruct Insurers to reduce your sum insured until this is likely to build up once again.
- If you pay your Insurances by instalments directly to Insurers or by a premium loan facility, some Insurers and loan companies will grant a payment holiday.
- If you have closed your premises down, check that Insurers have extended the timescale on your policy for this not to be classed as unoccupied. Check the wording of any unoccupancy condition of your policy.
- If you have employees working from home, ensure that your Insurers are extending cover for this.
- If any employees have taken business equipment such as Computers or the like to their private residences to work from home, make sure that Insurers have extended cover for this.
- Advise Insurers of any temporary changes made to your business, if any, which are allowing you to continue to trade in some form.
