Recent unexpected events have left many of us reflecting on our current circumstances, what the future will look like following ‘lockdown’ and considering what we can do moving forwards to ‘futureproof’ our businesses in the months and years to come.
We’re all no doubt now aware of Business Interruption Insurance (BI) which has received a fair amount of negative press recently. On the specific issue of BI, the Financial Conduct Authority (FCA) released a statement on 01/05/2020 announcing that it intends to seek legal clarity to resolve doubt for businesses who are facing uncertainty on their claims.
The FCA are also working to ensure that customers having difficulty in maintaining their business insurance are supported during this current crisis with the Association of British Insurers (ABI) Director, Huw Evans advising that “Any customer in financial difficulty and unable to pay their insurance premium should contact their insurer to discuss the support options available.”
Understandably it’s easy to forget about the impact of non COVID-19 conditions on our health, our ability to work and the impact that the loss of a key employee or family member could have upon our business. Whilst this is not something that any of us particularly wish to talk about or even consider, we are all almost certainly more open to the security that insurance can offer . . . it is actually a really good time to put our affairs in order and properly protect our futures.
There are now additional COVID-19 questions upon application, so again if you haven’t been affected by the illness now is the ideal time to arrange your insurance. Specific types of insurance that I would recommend business owners to consider are:
- Key Person Protection
- Share Protection
- Business Loan Protection (Particularly relevant in light of the government business loan scheme)
- Relevant Life Plan
- Income Protection
ASure Financial are operating a full advice and review service throughout the current lockdown and would be more than happy to assist DBN members with any insurance support required. It’s been a tough time for all of our businesses, but I know we’ll come out of this stronger together. Stay safe everyone and look forward to speaking soon.
Andrew Smith, ASure Financial