The Current Situation
With the COVID-19 Government restrictions being imposed on businesses bringing the economy to almost a halt, it has become difficult to plan ahead.
However, that will soon change as the Government has recently announced their plans to slowly ease the lockdown, which will bring many businesses out of the uncertainty and answer many questions on the road ahead.
So what happens when the lockdown ends?
Many businesses are weakened by the financial crisis that has ensued with the lockdown, even with the Government loans, grants and other support they have offered. No matter how much planning that has precursed the lockdown being lifted, businesses will be under considerable pressure to hit the ground running, however doing so imposes more risks on businesses, and now is a time that due to the financial impact of the COVID-19 lockdown, many businesses cannot afford to fail.
There are many ways to mitigate risks for when the lockdown is over, however none will be as impactful as getting the right insurance for your business.
The importance of insurance once lockdown ends
Having to make a very large payout that could otherwise have been mitigated by insurance could cripple many businesses, both large or small in the best of circumstances. However businesses are not operating in the best of circumstances right now and won’t be until long after the lockdown. Cashflow has been severely wounded, and savings for businesses are at an all time low. Many short sighted business owners may, to their demise, believe that insurance is one area of the business that could be overlooked in order to spare some of the little savings they do have. However, ensuring that the correct insurance is in place could be the difference between a business surviving or having to make a payout that they simply cannot afford.
Although needs vary from business to business, there is some insurance that will be absolutely critical for the majority of businesses to have when the lockdown is over.
Here are some of the policies we believe are important for businesses to have post-lockdown:
1. Private Medical Health Insurance:
Although nobody knows for certain, it is predicted that when the lockdown is over the number of transmissions will increase, although the aim is to minimise this rise as much as possible. This however means that employees, once they return to work (and resume leaving the house more often) they will have a higher chance of getting infected with COVID-19. This will make Private Medical Health Insurance even more valuable than usual for your business. This will cover all other types of illness and medical issues, including mental health, which is also said to be a major issue during this crisis. During this period of change it is important to give employees the peace of mind that they will require to be able to hit the ground running. Our Private Medical Health Insurance does this, and also ensures that if they do become ill or require medical assistance, the care they’ll be given will be of the highest quality and their return to work will be as swift as possible.
2. Professional Indemnity Insurance
With the heightened amount of uncertainty, laws being changed at a pace we’re not used to and services being changed to suit the changing needs of the population, there has never been a time when professional indemnity insurance has been more important. Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services or negligent advice. With many businesses offering new services, laws surrounding these services being under constant revision and advice being changed frequently, it is being made much harder for businesses to keep up with the changes required. Professional indemnity insurance will ensure that you are protected from claims which may result from this, and could end up saving you money.
We can help put your mind at ease
So whilst cashflow may not be at an all time high, it’s important to look at the long term impact of not having the right insurance may have on your business.
Here at Todd and Cue, we can provide you with expert advice on what insurances will be most beneficial to your business in these uncertain times, and will help to put your mind at ease by giving you the best possible price for the policies that you do wish to take out. Contact us today, we’re always here to help.