With our children running under our feet, our businesses thrown into disarray and our lives barely recognisable, many of us would have given barely a thought to our insurance premiums. But should we? Our fascinating webinar, Insurance Considerations During a Pandemic, answers all of your hard-hitting insurance questions, from whether the pandemic is a claimable ‘business interruption’ event, to whether you should cancel your premium right now to try and save on costs.
Hosted by CGU Executive Manager Andy Doran, and featuring special guest Shaun Standfield, Managing Director, Insurance Advisernet, this webinar is a must-listen for all mums who currently hold any type of insurance premium (or feel, after this pandemic, that they may need to purchase one!).
Most, if not all, businesses in our Mums & Co community have been impacted by Covid-19. These impacts have ranged from a slowdown in sales or available services work, to the government-ordered shutdown of entire businesses.
These impacts have left us feeling extremely stressed, and wondering whether our insurance will cover lost earnings or other potential losses incurred, for example travel cancellation fees.
When it comes to coverage, Shaun says that in general, businesses are not covered … but there are exceptions:
‘Most business insurances have a pandemic or epidemic exclusion cause, so lost earnings can’t be claimed as a “business interruption” event. Infectious disease cover is available, but it’s usually expensive and not many businesses purchase this.’
‘Saying that though, there are some cases where businesses might be covered.’
Shaun details these exceptions in the webinar. Access it here.
With earnings for our businesses looking nothing like they used to, many of us are scrambling to see where we can save on costs. A potential ‘low-hanging fruit’ for cost-savings might be to cancel our insurance, especially if our trading is slowing down. But this isn’t something that Shaun recommends:
‘The worst thing for businesses right now would be to have to cope with the “double whammy” of loss or damage to their assets, as well as the damage from Covid-19.’
But, Shaun says, there are many ways that insurance companies are currently helping their business customers who are experiencing financial hardship:
‘Right now, many insurance companies, for example IAG, are offering customers options such as deferring premium payments. You can also look into options, such as increasing your excess, if you need to.’
‘Businesses may also be liable for a reduction in premiums if the nature of their business has changed.’
Shaun gives examples of what type of businesses may be eligible in the webinar. Access it here.
Tune into the webinar now to ensure that you, and your business and your family, are protected in these challenging times.
Mums & Co have created a special taskforce to support our 345,000 + members to best manage throughout the coronavirus crisis. The taskforce includes 15 experts, who will be answering your questions via daily webinars and making themselves available for individual consultations, if you need. We’re also developing a chat-bot to support you, 24.7. Access to our taskforce is available via a Mums & Co premium membership, which we are providing for free for the next 3 months.
We’re here to support you and we’re stronger together. Join us here.
All advice provided by our experts is general advice only, and may not apply to you and your circumstances. You should always reach out to an insurance advisor to get personalised advice for your business.