How to Survive and Thrive in this Climate
With so much uncertainty in the world right now, there is one thing which remains the same – businesses still need insurance. Whether they have temporarily closed their doors or innovated their services to cater for the current circumstances, businesses will require insurance to protect them from the usual perils of a pre Covid-19 world that still represent a threat to their businesses.
We have been working with some of our broker network to understand which areas of the UK’s economy are still in operation, and those which may now have a need for an unoccupied policy. Together we have identified products which can help you to support existing and new clients along with some advice on how to guide your clients.
Click on the boxes below for more information.
With widespread confusion of whether or not construction sites can remain open, and the clear guidance from the government for electricians and plumbers to keep working, the tradesperson sector is still active in many ways. Whilst the industry seems to be split on whether they can work, one certain thing is that those who are still working will need insurance.
With over 200 acceptable trades, our product will allow you to provide your clients with the protection they deserve, whilst enable you control with a flexible commission structure. Our Tradesperson product comes with a height limit of 50m.
Whilst some of your clients in this sector may be lapsing, many others will still be active meaning that there is still a form of opportunity for you. For those who are lapsing their cover it’s important that you retain a good relationship with them for when they are ready to come back on cover.
Do you know how Legal Expenses can help your client? Click here to find out.
In these unprecedented times the nation is proving to be full of resilient and innovative businesses who are adapting to the new measures imposed by Covid-19. The use of technology has meant that many companies have transitioned to working from home and offering their services digitally. Our Professional Select product provides cover for over 300 trades, many of which are still active in this current climate. These businesses range from Accountants to Caterers, Home Tutors to Fast Food Delivery Services, Marketing Agencies to Financial Advisory Services. These are just a few of the trades which are still active and thriving in this climate – many operating from home and all in need of insurance.
Our new product professional Select also offers you the flexibility to control your commission by giving you the ability to choose your rates between 0% – 35%. You can watch our short video guide on how to do this by clicking below.
Do you know how Legal Expenses can help your client? Click here to find out.
Legal Expenses: Tradesperson and Professional Select
Do you know how Legal Expenses can help your client?
From working with our broker network, we know that affordable and comprehensive legal expenses cover is an invaluable extension to many of our brokers’ clients. One small incident could be monumental for these businesses meaning it is vital that they have access to the right protection. Our new products come with the option of a fantastic Legal Expenses add on which provides your clients with peace of mind for a very cost effective price of £40 with Nil excess.
In the world prior to Covid-19, Brexit was at the forefront of everything. It was predicted that the number of ‘staycations’ in the UK were going to increase dramatically, with the touring caravan industry experiencing a healthy boom ever since the 2016 referendum.
With a worldwide pandemic announced in 2020 and the UK in lockdown, many touring caravan owners have found themselves unable to travel. Their pride and joys have been left static; however they still require insurance to protect their touring caravans from the usual perils of fire, theft and damage.
To get a quote for our Touring Caravans product you will need to register with our Business Development Manager Andy Waring by clicking the button below.
Property is a crucial area for you to focus on currently. Does your client own commercial property such as an office block or are they a residential landlord? Perhaps they have a holiday home which is currently empty or their circumstances at home have changed? All of which will require support from their broker and potentially a review of their policies. Find out how our property product range can help you to support your clients.
Many of your clients are going to be experiencing tenant requests for a rent freeze, all of which will be impacted in different ways. However, with a freeze on all activity in the property market (buying, selling, letting etc), your clients are in a unique position where they are essentially ‘stuck’ where they are with the property in this moment in time. Unable to sell or evict/process new tenants, your client still requires insurance for their property.
Unoccupied residential property
If you client lets their property to students, it is very likely that it is now unoccupied as thousands of students left campuses across the UK due to Covid-19. If they let to another sector of the market their property could also be empty as many people choose to isolate with family members or friends at other properties. Because of this your client may need a different policy which allows for an unoccupied property instead of reducing their cover.
Our Unoccupied Residential Let product provides cover for this and you can change your client’s policy with us by getting in touch.
Commercial property can range from office buildings to retail units – all of which will have varying purposes and face different challenges during the current circumstances. Whilst not all insurers have come out with their stance on the unoccupied clauses in commercial property products, there are specialist unoccupied policies that you can speak to your client about if their current policy does not suit their requirements. If it has become unoccupied we have put together some helpful advice which you can give to your clients.
If the office space is rented, then ask your client is there a building manager or maintenance crew that are still active on the premises, perhaps they can be contacted instead? This might be a good way to make sure the following checks have been made, and saves an unnecessary journey back into the office.
- Turn off electricity, gas and water supplies at the mains and drain down all water systems. Leave sprinklers and any other fire suppression systems in operation.
- Ensure burglar and security lights are working and switched on.
- Lock all doors and windows, put grills down and see that stock and tools are stored away safely.
- Empty bins and see that any combustible material – paper, packaging, rubbish – is either stored away or removed from the premises.
- Depending on insurers your client could be covered up to 30 days however, due to the Coronavirus many insurers have extended this time period to up to 60 days. It’s worth finding out and letting your client know.
- It might be worth instructing your clients to contact the relevant management company of the building to make sure the property of business has the relevant insurance cover in place.
What to do if your policy comes up for renewal
Even if your client’s property is due to be renewed at the time of vacancy, a policy must be taken out to ensure all cover is in place. In the unlikely event of a burglary, fire or explosion, a policy must be taken out to protect the premises and its contents.
As well, if your client has employees working from home, you will still want to advise them that they will need to have an Employee Liability policy, should something happen.
In these challenging times employees who have had to be placed on to furlough will also still need to be covered by an Employee Liability policy.
Now more than ever the home is at the core of almost everything we do. With the country on lockdown, schools closed, and many businesses transitioned into working from home, the majority of the nation are spending 99% of their time in their homes.
With this increase comes activities and risks which they may not have considered in relation to their home insurance. So, what does this mean for home insurance during covid-19? It could be a good idea to get in touch with your clients and cover the below points:
Unoccupied holiday homes/properties
Our Home Assure product covers holiday home properties along with normal households. During the impact of Covid-19 many properties may be left unoccupied for a longer time than usual. At the moment people are not able to travel to their holiday homes, and some people have left their normal home to isolate elsewhere with family or partners.
Your client may wish to reduce cover during this time, or they may want to maintain their level of insurance to protect their valuables inside the property. Our standard Home Assure product allows a property to be unoccupied for 30 days. If your client requires this to be extended we have a specialist policy available.
Many of the nation have found themselves with times on their hands which some are using for home renovations. A lick of paint or removing some carpet is fine under their normal Home Assure policy. However, for some, renovations may mean structural changes. Perhaps they are knocking down a wall or working on an extension themselves. If this is the case, then they will need a specialist policy to cover for any structural work which we can provide.
Working from home / starting business from home
As many businesses are now running with staff working from home, it will be no surprise if you clients are doing the same. Under our Home Assure policy your clients are covered if they are working from home for an employer with no need to declare to the insurer. If, however, your client starts their own business and uses their property for commercial purposes, they will need to declare this.
Depending on the nature of the business there may be a small fee to add to the policy. It’s important for your client to declare their new home business in order to ensure:
- They have a valid claim – if they have not declared their new home business the insurer may reject any claims
- Their stock/equipment is protected from damage or theft
- Their normal household items are protected from any potential damage caused by the business activities, stock or equipment.
Advice: By touching base with your clients and finding out their employment status you will be able to provide them further information on their insurance needs which they may not have thought of. If they are working from home you can provide them with a link to claim up to £26 a month in expenses via the government website: https://www.gov.uk/tax-relief-for-employees/working-at-home
Due to the economic climate, countless people have found themselves unfortunately unemployed. As of the 10th April, 1.2 million new claimants have signed up for benefits in the UK, meaning many households will find themselves in a new situation. Where they may have been classified as young professionals before, they are now entering the benefits assisted area. So, what does this mean for household insurance during Covid-19?
The good news is that if your client has become unemployed during their policy there will be no requirements under our Home Assure product to declare this change to the insurer. If their situation does not revert to employed at the time of their renewal, their premium may change to reflect their new status.
Advice: If you know that some of your clients have become unemployed, letting them know that at renewal their premium may change will allow them to plan. Giving this advice will work towards being recognised as the broker who prepared them and offered guidance during uncertain times.