Businesses have pivoted during Coronavirus….but at what risk?

The Covid-19 pandemic (Coronavirus) has caused businesses in Australia to have to pivot to new ways of working, new ways of doing business and even innovating into new products and services never offered before. Have you spoken to your insurance broker about the implications for your business?

These are strange times and the resilience and drive of those businesses is incredible, but many businesses are suffering. And in a time when taking big risks have become an almost do or die situation for businesses, many are looking to understand how they can navigate through financially and limit continuing losses.

Given the unprecedented changes to businesses, many have not stopped to consider how their change in operation may affect insurances that they have in place.

Let’s say before Covid-19 hit you were a distiller serving some of the finest boutique spirits to an Aussie market……yet now you find yourself madly making hand sanitisers to try to cover a major shortage across the country. How does this change of operations change your insurance cover? What if your sanitiser is found not to be anti-bacterial at all?

Or perhaps your café has jumped in to help look after your locals by selling grocery lines to help people through times of restriction – but does your insurance cover you for this? Has it changed your stock levels or the way you do business?

What if you’re a retail store that has had to close its doors? How do you survive? Online is absolutely the answer – but have you thought about what happens if you’re the victim of a cyberattack?

There’s not many businesses that haven’t been impacted and had to completely restructure the way they work….

  • Retail – closing the doors and moving to an online environment
  • Manufacturing – how is it affecting the import/export market?
  • Hospitality – take away only, selling grocery lines, the use of services such as UberEats, Menulog etc
  • Corporate – a partial or completely home based workforce using technology relocated from the office and connecting remotely
  • Any change that your business has made in the way it carries out day to day operations can affect the validity of your insurance cover
  • Even if the doors of your business have simply closed over this time – what covers apply during a pandemic?

Now more than ever it is vital that you contact your broker to discuss your cover and make sure that you are not exposing your business to unnecessary risk.