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Public liability insurance


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Ash4781b

I’m heard on the grapevine that insurance brokers have come back with astronomical increases in public liability insurance due to covid / pandemic. I remember reading that small businesses might get hit very badly. Had anyone else come across this ?
 

I know there was some press recently on business interruption. I suppose generally rising insurance costs due to covid will have to be passed on ?

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sarahbell

You could always ask to have the business interuption element taken out and get them to requote.

 

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wherebee
1 minute ago, sarahbell said:

You could always ask to have the business interuption element taken out and get them to requote.

 

I suspect claims for interruption will be very very hard to get paid out on, so why pay for it?

 

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sarahbell
4 minutes ago, wherebee said:

I suspect claims for interruption will be very very hard to get paid out on, so why pay for it?

 

Yes they should just not cover it. 
And then they can find other things to also not pay out on.

Insurance is shit.

It took me hours to sort out my jury duty payment through my company insurance. Which was miniscule as I am not highly paid. but the fucking about was deliberate in my opinion to stop people claiming on it.

However I have time on my hands and like the challenge. I got my money. I'm probably one of the few who ever have.

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dgul
2 hours ago, Ash4781b said:

I’m heard on the grapevine that insurance brokers have come back with astronomical increases in public liability insurance due to covid / pandemic. I remember reading that small businesses might get hit very badly. Had anyone else come across this ?
 

I know there was some press recently on business interruption. I suppose generally rising insurance costs due to covid will have to be passed on ?

Yes.  It makes me a bit cross on both sides -- that the insurance companies didn't pay out on insurance that had been bought for that purpose, and that I'm sure I'm going to have to have quite significant increases in my premiums when I'm not actually interested in insurance that much (I have it beyond employer's liability because it is a contractual requirement).

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Sasquatch

We have a combined business policy for public liability and office contents with AON. I think it also provides for business interruption. Renewal in the summer. Will report when we receive it. The premium has been pretty steady the last few years (about £250 I think from memory). I'll be shopping around if they try it on.

Professional indemnity insurance is a separate policy with a different broker/insurance. That's a £2000+ yearly cost. An ex colleague of mine is thinking of going alone and got a quote for £12,000 pa! He's at the riskier end of the marketplace though with his speciality.

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