We are without question in challenging times.

As many businesses move to employees working from home it is important to ensure that you are taking due consideration of some of the additional insurable risks that your business may be exposed to.

In particular, as employees work from home it is imperative to ensure that you are fully protecting any business equipment that may now be away from your usual business premises.

In addition you should ensure that suitable standards of security apply, that virus software is up to date, your employees understand the risks to data of using their own devices and that your sums insured relating to property used away from the premises are adequate.

Directors are exposed to many managerial risks on an on-going basis. The current situation is no different in terms of your responsibilities to shareholders and your duty of care to employees and others whether they are at your premises or working from home.

Finally, many property policies contain provisions relating to the premises being unoccupied for more than 30 consecutive days e.g. restrictions of cover and in many instances the requirement to advise insurers of such.

You should make provision for a senior member of staff to at the very least visit the premises weekly and document that this has been done. However, this does not override any HM Government advice around travel etc. and ensuring that people are safe which should always be your first priority.

Key Insurance Considerations

• Do you need to make provision regarding any period of your premises being unoccupied or notify your insurers that they will be unoccupied for more than 30 days?
• Is your sum insured for items away from your premises adequate? Please advise if any temporary amendment is required to your sums insured.
• Are you taking reasonable steps to protect your business from a cyber incident including taking reasonable steps to protect data?
• Are you adequately implementing your Business Continuity Plan and giving adequate health and safety advice to homeworkers?

We are providing continuity of service during this period.

If you would like to talk to us about additional types of insurance such as cyber, directors’ and officers’ liability insurance or need to make any temporary amendments to your policy please speak to your usual MFL advisor.