![\"Working](\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2020\/04\/assorted-group-of-workers-social-distancing-coronavirus-concept_shutterstock_1679261281.jpg\")
<\/figure>\n<\/div>\n\n\nThe world has changed in recent weeks and the way we do business has changed with it.<\/p>\n\n\n\n
The coronavirus pandemic means some businesses have been suddenly and almost entirely stopped in their tracks. Meanwhile, millions of others have had to adapt to doing things in a completely different way.<\/p>\n\n\n\n
So, what does all this means for your business insurance?<\/p>\n\n\n\n
Quite a bit really. Because even if you\u2019re in temporary shut-down, you probably still need the protection your existing policies offer. For others, changes in the way they work could mean they need to cover new risks.<\/p>\n\n\n\n
Here\u2019s what you need to know about how your business insurance is affected by the new norm, and how it can help get you through these tough times.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Protecting your work<\/strong><\/h2>\n\n\n\nIf your business isn\u2019t operating during lockdown, it\u2019s reasonable to assume you don\u2019t need the safety net of your professional indemnity (PI) insurance<\/a>, right? If you\u2019re not doing any business, you can\u2019t make mistakes.<\/p>\n\n\n\nWell, you can\u2019t make any new<\/em> mistakes, no. But that won\u2019t stop clients bringing claims against you for mistakes you made in the past, before the current crisis. Because let\u2019s face it, some problems can take months or even years to crawl out of the woodwork.<\/p>\n\n\n\nThe thing is, professional indemnity is what\u2019s known as \u2018claims made\u2019 insurance<\/a>. So, for your policy to do what it\u2019s designed to do, it needs to be up and running when the work in question was done and<\/strong> when a claim is made. If you\u2019ve stopped your cover in between, it can\u2019t help you.<\/p>\n\n\n\nMeantime, if you\u2019ve adapted the way you work, but are still essentially doing the same thing, your PI will continue to cover you. Say you\u2019ve taken your real-life tutoring or personal training online, or your staff are working from home rather than from your usual business address. So no worries on that front.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Protecting your things<\/strong><\/h2>\n\n\n\nThere are two things to think about here. First, the equipment you may have had to leave in situ in your normal premises while your business is in suspended animation. And second, any kit you\u2019ve taken home with you or installed in your employees\u2019 homes so you can keep working.<\/p>\n\n\n\n
Your contents policy<\/a> will continue to cover any kit lying idle at your business address as usual. And although it\u2019s normal practice to have to inform your insurer if you leave premises unoccupied for more than 30 days, most have extended this to 60 or 90 days for the meantime.<\/p>\n\n\n\nInsurers will still expect you to have left the building as secure as possible, with all doors and windows locked. There\u2019s also some leeway being given around testing alarms and sprinkler systems to schedule, if that\u2019s not proving possible. But check with your broker or insurer for specifics.<\/p>\n\n\n\n
Some contents policies will stretch to cover the kit you take out of your premises and install in your own or others\u2019 homes, like computers. There\u2019s usually a limit to the value, and portables like laptops are often excluded, but it\u2019s worth checking your wording.<\/p>\n\n\n\n
Don\u2019t just assume any office equipment you take home will be covered under your home contents insurance though. Many policies differentiate between home and business use, and anything worth more than about \u00a31500 usually has to be \u2018named\u2019. Again, check your home contents policy wording very carefully.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Protecting your data<\/strong><\/h2>\n\n\n\nThe coroanavirus crisis is like having all your Christmases come at once for cybercriminals. With so many people remote working from home, often with sub-standard security, hackers are reaping the rewards.<\/p>\n\n\n\n
Currently the internet is awash with fake websites promising essential coronavirus information but instead delivering malware onto your network. Scam emails and phishing<\/a> attacks are also rife, carrying with them the very real threat of significant data breaches.<\/p>\n\n\n\nThere\u2019s advice on what to look out for and how to ramp up your security here<\/a>. But now more than ever may be a good time to invest in cyber insurance<\/a>. Although it can\u2019t stop the hackers getting onto your system, it provides a rapid structured response and helps get your business back up on its feet again quickly.<\/p>\n\n\n\nIt buys you the IT expertise to stop an attack and repair the damage, and takes care of your lost revenue while you\u2019re unable to trade as normal. It also pays to handle the sensitive matter of informing customers and dealing with the regulator if personal information has been stolen. And it covers any resulting claims against you.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Protecting your people<\/strong><\/h2>\n\n\n\nIf you\u2019ve got employees or helpers, you need employers\u2019 liability (EL) insurance<\/a>. It\u2019s the law. And your EL goes on doing the same job for you whether your employees are working at your usual premises or working from home.<\/p>\n\n\n\nIt doesn\u2019t matter if you\u2019ve furloughed<\/a> staff either. They remain your employees and they could still make a claim against you based on something that happened before anyone even knew what \u2018furlough\u2019 means. So, you still need your EL.<\/p>\n\n\n\nHowever, that\u2019s not to say you shouldn\u2019t make every effort to check home-based employees are working in a safe environment with the correct equipment \u2013 as much as that\u2019s possible in these days of social distancing. And to have a clearly defined home working policy. Otherwise you could be storing up trouble for the future.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Protecting yourself<\/strong><\/h2>\n\n\n\nSad to say, but an uptick in redundancies and bankruptcies is one of the inevitable consequences of this sustained period of coronavirus lockdown. Also, hastily re-engineered companies, with responsibilities perhaps redistributed and social distancing mandatory for those essential businesses that continue to function as before.<\/p>\n\n\n\n
Trailing in the wake of these changes and the need to adapt comes the increased possibility that, as a business owner or director, you\u2019ll be sued. You personally, that is. Because your position of responsibility singles you out as directly accountable for your decisions and actions.<\/p>\n\n\n\n
So, if someone else involved in the business thinks the decisions you made during lockdown caused it to go bust, they might come after you for compensation. You could also be sued by an employee who says the proper HR procedures weren\u2019t followed when they were hastily made redundant or redeployed.<\/p>\n\n\n\n
Similarly, you might find yourself facing a lawsuit if a worker says it\u2019s your fault they caught coronavirus \u2013 because social distancing wasn\u2019t enforced, or they weren\u2019t provided with adequate personal protection equipment.<\/p>\n\n\n\n
The other thing about being personally liable, is that your liability is limitless. So, on top of the huge expense of hiring a defence lawyer, you could find yourself facing a potentially eye-watering bill for compensation. A bill you\u2019d have to pay out of your own pocket, also placing assets like your house at risk.<\/p>\n\n\n\n
Directors’ and Officers\u2019 insurance<\/a> takes the strain by buying legal expertise to fight your corner and picking up the tab for any compensation you owe. It\u2019s probably more relevant at this time of shifting sands than ever before. You can add on employment practices liability insurance to cover any disputes with staff.<\/p>\n\n\n\n<\/p>\n\n\n\n
Taking stock<\/strong><\/h2>\n\n\n\nIt can be difficult finding the time to take stock when we\u2019re all busy adapting to the new normal and establishing different ways of working. But with the changed business environment come new risks \u2013 just as the old ones never went away.<\/p>\n\n\n\n
That makes it important to think carefully about your business insurance as we all try and weather the storm. Make sure you\u2019ve covered all the bases. Because the last thing anybody needs in a storm is a leaky boat.<\/p>\n\n\n\n
If you\u2019d like to talk about any aspect of your business insurance, you can call the team on 0345 222 5391<\/strong>.<\/p>\n\n\n\nImage used under license from Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"The world has changed in recent weeks and the way we do business has changed with it. The coronavirus pandemic means some businesses have been suddenly and almost entirely stopped in their tracks. Meanwhile, millions of others have had to … Continue reading
Well, you can\u2019t make any new<\/em> mistakes, no. But that won\u2019t stop clients bringing claims against you for mistakes you made in the past, before the current crisis. Because let\u2019s face it, some problems can take months or even years to crawl out of the woodwork.<\/p>\n\n\n\n The thing is, professional indemnity is what\u2019s known as \u2018claims made\u2019 insurance<\/a>. So, for your policy to do what it\u2019s designed to do, it needs to be up and running when the work in question was done and<\/strong> when a claim is made. If you\u2019ve stopped your cover in between, it can\u2019t help you.<\/p>\n\n\n\n Meantime, if you\u2019ve adapted the way you work, but are still essentially doing the same thing, your PI will continue to cover you. Say you\u2019ve taken your real-life tutoring or personal training online, or your staff are working from home rather than from your usual business address. So no worries on that front.<\/p>\n\n\n\n <\/p>\n\n\n\n There are two things to think about here. First, the equipment you may have had to leave in situ in your normal premises while your business is in suspended animation. And second, any kit you\u2019ve taken home with you or installed in your employees\u2019 homes so you can keep working.<\/p>\n\n\n\n Your contents policy<\/a> will continue to cover any kit lying idle at your business address as usual. And although it\u2019s normal practice to have to inform your insurer if you leave premises unoccupied for more than 30 days, most have extended this to 60 or 90 days for the meantime.<\/p>\n\n\n\n Insurers will still expect you to have left the building as secure as possible, with all doors and windows locked. There\u2019s also some leeway being given around testing alarms and sprinkler systems to schedule, if that\u2019s not proving possible. But check with your broker or insurer for specifics.<\/p>\n\n\n\n Some contents policies will stretch to cover the kit you take out of your premises and install in your own or others\u2019 homes, like computers. There\u2019s usually a limit to the value, and portables like laptops are often excluded, but it\u2019s worth checking your wording.<\/p>\n\n\n\n Don\u2019t just assume any office equipment you take home will be covered under your home contents insurance though. Many policies differentiate between home and business use, and anything worth more than about \u00a31500 usually has to be \u2018named\u2019. Again, check your home contents policy wording very carefully.<\/p>\n\n\n\n <\/p>\n\n\n\n The coroanavirus crisis is like having all your Christmases come at once for cybercriminals. With so many people remote working from home, often with sub-standard security, hackers are reaping the rewards.<\/p>\n\n\n\n Currently the internet is awash with fake websites promising essential coronavirus information but instead delivering malware onto your network. Scam emails and phishing<\/a> attacks are also rife, carrying with them the very real threat of significant data breaches.<\/p>\n\n\n\n There\u2019s advice on what to look out for and how to ramp up your security here<\/a>. But now more than ever may be a good time to invest in cyber insurance<\/a>. Although it can\u2019t stop the hackers getting onto your system, it provides a rapid structured response and helps get your business back up on its feet again quickly.<\/p>\n\n\n\n It buys you the IT expertise to stop an attack and repair the damage, and takes care of your lost revenue while you\u2019re unable to trade as normal. It also pays to handle the sensitive matter of informing customers and dealing with the regulator if personal information has been stolen. And it covers any resulting claims against you.<\/p>\n\n\n\n <\/p>\n\n\n\n If you\u2019ve got employees or helpers, you need employers\u2019 liability (EL) insurance<\/a>. It\u2019s the law. And your EL goes on doing the same job for you whether your employees are working at your usual premises or working from home.<\/p>\n\n\n\n It doesn\u2019t matter if you\u2019ve furloughed<\/a> staff either. They remain your employees and they could still make a claim against you based on something that happened before anyone even knew what \u2018furlough\u2019 means. So, you still need your EL.<\/p>\n\n\n\n However, that\u2019s not to say you shouldn\u2019t make every effort to check home-based employees are working in a safe environment with the correct equipment \u2013 as much as that\u2019s possible in these days of social distancing. And to have a clearly defined home working policy. Otherwise you could be storing up trouble for the future.<\/p>\n\n\n\n <\/p>\n\n\n\n Sad to say, but an uptick in redundancies and bankruptcies is one of the inevitable consequences of this sustained period of coronavirus lockdown. Also, hastily re-engineered companies, with responsibilities perhaps redistributed and social distancing mandatory for those essential businesses that continue to function as before.<\/p>\n\n\n\n Trailing in the wake of these changes and the need to adapt comes the increased possibility that, as a business owner or director, you\u2019ll be sued. You personally, that is. Because your position of responsibility singles you out as directly accountable for your decisions and actions.<\/p>\n\n\n\n So, if someone else involved in the business thinks the decisions you made during lockdown caused it to go bust, they might come after you for compensation. You could also be sued by an employee who says the proper HR procedures weren\u2019t followed when they were hastily made redundant or redeployed.<\/p>\n\n\n\n Similarly, you might find yourself facing a lawsuit if a worker says it\u2019s your fault they caught coronavirus \u2013 because social distancing wasn\u2019t enforced, or they weren\u2019t provided with adequate personal protection equipment.<\/p>\n\n\n\n The other thing about being personally liable, is that your liability is limitless. So, on top of the huge expense of hiring a defence lawyer, you could find yourself facing a potentially eye-watering bill for compensation. A bill you\u2019d have to pay out of your own pocket, also placing assets like your house at risk.<\/p>\n\n\n\n Directors’ and Officers\u2019 insurance<\/a> takes the strain by buying legal expertise to fight your corner and picking up the tab for any compensation you owe. It\u2019s probably more relevant at this time of shifting sands than ever before. You can add on employment practices liability insurance to cover any disputes with staff.<\/p>\n\n\n\n <\/p>\n\n\n\n It can be difficult finding the time to take stock when we\u2019re all busy adapting to the new normal and establishing different ways of working. But with the changed business environment come new risks \u2013 just as the old ones never went away.<\/p>\n\n\n\n That makes it important to think carefully about your business insurance as we all try and weather the storm. Make sure you\u2019ve covered all the bases. Because the last thing anybody needs in a storm is a leaky boat.<\/p>\n\n\n\n If you\u2019d like to talk about any aspect of your business insurance, you can call the team on 0345 222 5391<\/strong>.<\/p>\n\n\n\n Image used under license from Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The world has changed in recent weeks and the way we do business has changed with it. The coronavirus pandemic means some businesses have been suddenly and almost entirely stopped in their tracks. Meanwhile, millions of others have had to … Continue reading Protecting your things<\/strong><\/h2>\n\n\n\n
Protecting your data<\/strong><\/h2>\n\n\n\n
Protecting your people<\/strong><\/h2>\n\n\n\n
Protecting yourself<\/strong><\/h2>\n\n\n\n
Taking stock<\/strong><\/h2>\n\n\n\n