Event companies across the country are looking at ways to reduce overheads, support employees and future-proof their businesses.
He flagged up two aspects regarding insurance that event companies may find helpful to know during this time.
Credit insurance is something that companies can purchase to protect themselves from bad debt. It’s probably quite relevant for a number of businesses right now. Want some more information? Here’s a useful fact sheet and FAQ sheet.
Most commercial insurance policies will feature Unoccupancy Conditions, which make a number of requirements for a business to comply with, should a building/warehouse become unoccupied. The intention of this is mostly to make sure that common sense measures are being adhered to; all security measures are set, maintain heating to prevent freezing, etc. However, one of the requirements may state: “Carry out an internal and external inspection of the buildings and the premises at least once every seven days”.
Currently, this is fine, but in a full lockdown this won’t be feasible. If an event business is going to be leaving a building unoccupied inform your insurance broker or insurer and make sure any requirement for inspection is removed so you do not to fall foul of the policy in the event of needing to claim.
Rudland confirmed that Tysers’ scheme insurer, Allianz Global, has confirmed that whilst current Government guidelines relating to COVID-19 are in force, the Unoccupancy Condition will not apply.
It does, however, expect businesses to comply with the Reasonable Precautions condition within the policy wording and ensure all security measures are put into operation whilst the premises are unattended.