As BIBA scheme provider of liability insurance, Yutree are working tirelessly to help and advise members on issues arising around liability insurance through the COVID-19 pandemic. We are here to help you to help your clients with issues such as furloughing, mothballing, scaling back or diversifying in these challenging times.
Frequently asked questions:
My client is furloughing their staff. Do they need employers liability?
Employees are still legally employed when furloughed. They retain all of their rights as an employee, they accrue holiday and they can carry out training and development for their role from home. They can not carry out any activities for the business other than training and development. The company employing these furloughed workers still has a legal obligation to purchase employers liability insurance. A gap in this compulsory cover could be very risky for any business.
My client’s operation has ceased. Can we cancel their public/products liability insurance?
If employees are furloughed and the business has temporarily ceased, it is wise to keep the public and products liability cover in place. If there is a premises, warehouse or office, then there is a public liability exposure there. If they are contractors, there will be residual liabilities from work already carried out. If they have provided products, and plan to continue to do so again, the advice should be to keep the insurance in place.
How can I help my clients to manage their costs?
During this period, we are suggesting that, when policies come due for renewal, furloughed staff are moved into clerical rating and turnovers are reduced to reflect this period of inactivity. This suggestion should be made clear on any fair presentation to insurers. This should, potentially, keep renewal premiums manageable. It may be a good time to shop around, where your client may have otherwise been happy to stay with incumbent insurers. As well as getting the best premium you can also look for an insurer who can be accommodating of your clients’ cover requirements at this time.
My client is diversifying to make money during the downturn
At Yutree we can accommodate a vast array of businesses. We are used to catering for multiple business descriptions and, because we are not system driven, we can apply some thought and logic to the activities being undertaken to price the risk accordingly. If your taxi operator is now delivering fruit and veg, we can help you to insure it accordingly!
Yutree are open for business and ready to give advice, quote for new business, offer renewals and handle mid-term amendments and queries as usual.
Remember that we can cater for well over 600 trades on the BIBA liability scheme.
Send your enquiries in to firstname.lastname@example.org or feel free to give Laura High a call with any queries on 01638 675992.