Do your clients have the correct cover now they are reopening?

Businesses reopening their doors following months of closure is a much-welcomed sight up and down the country.

As lockdown restrictions begin to be eased across Britain and the roadmap back to reopening remains on track, there are steps businesses should take to help reopen with minimal hitches and business disruption.

One important move for businesses getting back up and running as we come out of lockdown is to evaluate their cover.

For insurance brokers, now is a good time to ensure clients have the right cover in place, and, where businesses have minimal cover, to advise extending it.

The first step is to check that a business insurance policy hasn’t lapsed during Covid. If it has lapsed, the cover will need to be in place prior to the business reopening.

Now is the perfect opportunity to re-assess a clients’ policy and ensure the business is adequately covered.

For example, it is not uncommon for businesses to have changed processes, taken on or lost staff, adopted remote working practices, updated services, and introduced different or new products during lockdown and as we move out of the restrictions. Consequently, the cover they require may be different to the cover they needed before the pandemic struck.

Increasing cover

Businesses may also need to increase the cover they have. For example, as they come into contact with members of the public, they may need public liability insurance, which will protect the business against compensation claims for injury or damage made by customers, suppliers, clients or other third parties.

Many businesses that have recently been allowed to open, which come into contact with clients and members of the public, may require this type of insurance to protect the business against potential claims and losses.

All businesses have unique insurance needs. Now is the perfect time to collaborate with commercial clients to ensure they have the right cover in place and, if necessary, advise extending it to ensure everyone involved with the business is suitably protected.

Nelson Policies at Lloyd’s offers standalone liability insurance for a wide range of business trades. We also specialise in providing bespoke, tailored solutions for standard and non-standard commercial combined business.  Get in touch with our commercial team to discuss business insurance needs as we move out of lockdown.

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