The Chancellor has announced that businesses that have cover for both pandemics and government-ordered closures should be covered. The wording from the government is important to note, ‘should be covered’ is not a guarantee that businesses will be covered.
However, policy holders should take comfort that the insurance industry board have confirmed that based on government advice to avoid pubs, theatres etc, that this is sufficient to make a claim on a policy.
The first thing businesses should do is check their policy to see if it covered pandemics and government-ordered closures. Secondly businesses should then contact their insurer directly to make a claim, get further information on what supporting information is required and to understand the quantum and timing of any pay out.
Every insurer will have a different process, early dialogue and communication is therefore recommended.