It is possible that Insurance Companies will increase their charges by 400% on renewal?
Unfortunately, the answer to that maybe the horrible next thing that is going to hit once the Insurance has paid out all the claims for Business interruption cover, just when you thought the trade couldn’t get any harder the strong possibility that this could happen.
How can I cut this cost down?
The only way to reduce the costs of insurance is by reducing the risk of liability, this is achieved by ensuring that your Health & Safety, staff training and checklists are of the highest quality that you can. This may make the difference between even getting an offer of insurance or being declined for cover.
It is enviable after the amount that is being paid out by insurers over the Corvin-19 to many businesses throughout the UK, not just hospitality industry but almost every person in the UK, whether you are insuring a fleet of vehicles, a restaurant, a nursing home, most likely even private insurance, all will rise in price – without a doubt!