10 COVID-19 related insurance tips for SMEs

The insurance industry has played a key role in supporting their customers with additional support and guidance during the COVID-19 crisis. As the situation develops, SMEs will need to establish the steps they may need to take to comply with policy conditions and ensure they have sufficient insurance cover in this challenging environment.

This guidance, in collaboration with ABI and BIBA, highlights the key insurance themes to review. These are:

1. Home working and home insurance beyond December 2020
2. Motor insurance and volunteering activities
3. Unoccupied property for more than 30 days
4. Disclose any changes or updated information fully and quickly
5. Keep statutory inspections up to date
6. Complete outstanding risk recommendations
7. Share updated wage roll information with your insurer
8. Check how payment holidays may affect your insurance
9. Check how Covid-19 and other disease cover applies now to your policy
10. Look closely at your busines interruption policy following the recent High Court ruling

Additional resources

• Result of the Financial Conduct Authority (FCA) business interruption High Court
  
• Insurance guide for SMEs

Find out more about the ABI and BIBA.

For further information on the CBI’s insurance work, please get in touch with Ana I. Gallego.