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Webinar puts insurance in the spotlight

The insurance industry’s response to the Covid-19 crisis will be in the spotlight at a special Shropshire Chamber of Commerce webinar next week.

The Henshalls Group is one of the UK’s top 100 independent insurance brokers, with offices in Newport, Shrewsbury and Stafford, and the team will be updating businesses on the current situation when the session kicks off at 11am on May 5.

Director Dave Williams, who will be leading the session, said: “The insurance industry has come in for its fair share of criticism in recent weeks since the pandemic reached the UK.

“Some businesses are unhappy that the situation is not covered in their business interruption insurance. But in reality, most business interruption policies can’t provide pandemic cover as the potential losses are unquantifiable by insurers given the global nature of the risk.

“It has been suggested by industry commentators that if these policies did offer pandemic cover, every business would have to pay for it - and premiums might increase by as much as 300%.”

Mr Williams said: “In this webinar, we will be providing some perspective on pandemic cover, and explaining some of the ways in which insurers are currently trying to help.

“We will also be discussing what might happen to future policy wordings, and premiums, when the country returns to normal.”

Henshalls says some insurers and premium credit companies are now allowing payment holidays, and even mid-term reductions in premiums if circumstances allow. Several are also reducing motoring cover to reflect the lack of vehicle use.

Mr Williams added: “Our team of experts is also working closely with insurers to ensure that unoccupied business premises remain properly insured while lockdown is in place – and that domestic policies won’t be impacted by staff being forced to work from home.

“We’ve also been regularly updating our website and social media accounts with a whole raft of helpful tips and bulletins offering support and advice through our #henshallshelps campaign.

“We will continue to work with insurers to make sure our clients have all the help they need as the industry has to continue to do all it can to support businesses through this downturn, and beyond.”

To sign up for the webinar visit https://www.shropshire-chamber.co.uk/events/is-the-insurance-industry-helping-or-hindering-businesses-2/ and register to receive a Zoom link ready for Tuesday May 5.

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