FAQs from clients during Covid-19

As expected, we’re seeing an increase in calls from you during this challenging time. To assist and provide proactive and relevant information, we have answered some of the frequently asked questions we are receiving, in one article.

Will my Business Interruption policy cover financial losses arising from the Coronavirus outbreak?

Many businesses are asking whether they will be able to claim for business interruption and revenue losses as a result of the COVID-19 crisis and its associated disruptions to your business activities…we can confirm Business Interruption coverage does not respond to COVID-19 claims.

Do Corporate Travel Insurance policies cover cancellations due to Coronavirus?

A typical Corporate Travel Insurance policy will provide cover for cancellation costs where the travel destination has reached DFAT Advice of Level 4 – Do Not Travel, at the time of cancellation, but was not at this level at the time of booking.

Fear of travel is not a covered event under a Travel Insurance policy. This includes travel to areas that have known cases of COVID-19 but have not yet reached DFAT Advice Level 4.

The coverage provided on each policy…the different stages of the progression of the virus and the number of variables, means that the circumstances need to be considered on a case by case basis. If you have concerns, contact us so we can go through your specific situation.

What are you doing to help us?

Firstly, our team is fully functional and here to assist you on an ongoing basis, whether we’re in the office or working from home.  Just call the normal numbers you use…we are there for you.

If you can’t find the number, our team is listed on our website – follow the link and find who you’re looking for.  Otherwise, call our main office numbers listed at the end of this blog.

For clients whose insurance needs have changed as a result of the economic downturn, we encourage you to talk to us about a review of any insurance policies that may be affected and we will talk you through your options.

What are the insurers doing to help us?

CGU, to their credit, is the first of the major insurers to offer a package to eligible businesses who are insured with them…contact us for the details.

We expect that there will be significant pressure on the others to follow suit…we will provide an update when any announcements are made.

Can I review my insurance, I am not operating fully and I am not sure I can afford it?

We encourage you to seriously consider whether cancelling insurance is the best option. Experience has shown that unfair dismissal claims escalate, crime increases and liability claims are pushed harder in tough economic times, making insurance all the more important.

Additionally, for many of you, we have had specialised insurance policies in place for extended periods of time, which have been able to be maintained due to the ongoing connection between you, us and that insurer. It is quite likely that this cover will not be capable of being replaced, should they be cancelled.

We do however, appreciate the fine line between protecting you, and maintaining your cash flow, but strongly encourage that you take some time to consider the longer term consequences of cancelling insurance policies as there can be many unforeseen consequences.

In an effort to help you with these cash flow issues, we have increased our own credit terms from our standard 14 days to 30 days. Please talk to us if you require further assistance. Remember…we’re here to help!

Also, for renewing policies from today, we can offer heavily reduced Hunter Premium Financing rates.  We have negotiated a deal that will see this rate reduce significantly, for any new funding arrangements.

What happens to my Claims?

Finally, our claims team remain focused on helping you receive express payments from insurers to help with your cash flow.

If you have any questions you can contact your personal insurance broker or reach our teams on these numbers

Brisbane              3028 9494

Cairns                    4051 8422

Innisfail                4061 1766

You will never be alone during this time and we care about helping you through this challenge.

We are in it together.