As the spread of COVID-19 continues to impact daily life on a scale we have not seen before, we at Yutree are working hard to bring you updates, advice, thoughts and information to help you to service your clients and to see them through these challenging times. Feel free to call us on 01638 660651 if you have anything you would like to talk through. We are all facing situations which we haven’t before and Yutree are here to help.
Whilst many businesses are temporarily closing or reducing operations, many are still up and running with social distancing measures in place. Businesses concerned about the future will be looking to manage costs at this time and will need to keep renewal costs to a minimum. Yutree are open for business and generally able to turn quotes around the same day as they are received. We can help you with the following products:
- Liability for over 600 trades
- High hazard liability
- Excess layer
- Hauliers liability and goods in transit
- Contractors all risks
- JCT non negligence cover
- Media and entertainment combined
Please send your quotes to firstname.lastname@example.org and we will get back to you quickly.
Existing business – customers furloughing their workforce
The Coronavirus job retention scheme is going to be a lifeline for many businesses and their employees. Employers can use a portal to claim for 80% of furloughed employees’ wages up to a maximum of £2,500 plus the associated Employer National Insurance contributions and minimum auto enrolment employer pension contributions on that wage.
- Employers liability As we understand the legislation, furloughed staff are still employed. Employers must follow normal employment law requirements in designating employees as furloughed. Until there is advice to the contrary, at renewal, it is our suggestion to talk to your clients about recalculating wagerolls and moving manual wageroll into clerical for the period of furlough. Your clients must maintain their employers liability insurance whilst staff are still employed.
- Public and products liability Whilst staff are furloughed and, if there are premises, half-finished contract sites, vehicles laid-up somewhere, plant and equipment stored etc, then there is a public liability exposure. As with employers liability, it is our advice to maintain cover but to reduce the turnover at renewal.
If you follow the advice above, once your clients are ready to trade again, you can update financials, declare manual wages and switch cover back on whilst maintaining the rates agreed with underwriters now.
As mentioned, Yutree are here for general advice and for you to talk to about any of your clients’ various situations. We are working closely with the British Insurance Brokers Association and the Chartered Insurance Institute to help to advise the sector and influence outcomes for brokers and their clients at this time.
Feel free to contact Yutree Director, Laura High, directly on 01638 675992 or email email@example.com