We all have been impacted by the disruption caused by the Global COVID-19 Pandemic. Many businesses had to ask their employees to work from home at short notice and a significant proportion of those businesses are still working from home. As per the Labour market survey in April 2020 during the first lockdown phase, nearly 46.6 % of employed people did some part of their work from their homes. Out of which 86% confirmed that it was due to COVID-19. The Government has restated the necessity of social distancing and advised that those who can work effectively from home, should do so over the winter.
It is wise to review your business insurance cover to make sure that it adequately covers your business and doesn’t have a detrimental effect on your or your employees’ home insurance. Here are some factors we recommend you review:
If your employees are working from home then it is still your responsibility to ensure their health and safety. You should ensure that they have the correct equipment to do their job, the workload is of a safe level and not causing unnecessary stress. You may arrange for a feedback or a discussion on regular intervals.
It’s legally required to maintain your employer’s liability insurance and make sure your insurer knows your employer’s reference number (ERN). Read our blog for more on ERNs and why they’re important to log here.
Financial losses caused by cyber-crimes surged by nearly 75% when the UK first started lockdown, according to the City of London Police. We all rely heavily on technology to work remotely, and businesses are more vulnerable to phishing, malware, and other malicious cyber activity.
The best way to protect your business against cyber-crime is education. It’s important to familiarise yourself with ways to spot cyber-crime attempts. FSB have written on this subject in the past and you can read more here.
It is also important to make sure that your cyber cover is appropriate for your business. FSB members have some cover included in their membership but you can also get enhanced cover, which you might decide you need if your risk has increased whilst working from home. Talk to our expert advisors at 020 3883 7976 Monday-Friday 9am-5.30pm
If your business is office-based and your team need to work from home, their home insurance cover will most likely not be affected. It is, however, still advisable to ensure everyone lets their home insurance provider know that they are working from home so that they can confirm this. Check that any company property they may be using like laptops, mobiles, printers are covered away from your premises.
If you have more complex insurance needs whilst working from home, you may need to speak to your business insurance provider. You could be having customers visit you at home, you might be manufacturing or storing stock and equipment at home, or doing anything that isn’t exclusively administrative.
Many insurers are being understanding about this during the pandemic, but it’s important to keep them informed.
If you’re unsure whether you need additional cover or if you want to arrange insurance for your business, call us today on 020 3883 7976 and we will do our best to help you.
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