Self-isolation is not typically covered by Business Interruption insurance. However, different types of business insurance policies have different terms and conditions and depending on your wording, there may be some cover for a confirmed outbreak of a notifiable disease impacting your business.
Business insurance FAQ
We want to reassure our customers that:
- We will honour all of our legal commitments.
- We will honour all claims within the terms of existing policies.
- We will continue to endeavour to provide clarity and consistency to our customers.
Therefore, we are honouring business interruption claims arising from this pandemic where our customers’ insurance cover includes it. To assist our business customers, we have written directly to them or their brokers to confirm whether they have business interruption cover for the COVID-19 pandemic.
If I have to self-isolate because of COVID-19. Is my business covered for financial losses?
A lot of customers are cancelling because of coronavirus and my business is suffering. Can we get compensation for the reduced activity?
While there is no cover in place for individual cancellations, different types of business interruption policies have different types of cover for infectious diseases. Some will cover impact of any notifiable disease at the premises or within a certain proximity to the premises. Other policies will list the diseases that are covered.
Is there anything that AXA can do to help with cash flow issues during this crisis?
To support our customers during this period, we have taken the following steps;
- AXA will extend cover for up to 28 days for renewal payments.
- We have deployed specialist teams and arrangements to facilitate customers who have financial difficulties as a direct result of COVID-19, which impact their ability to pay premiums. Our teams will deal with customers on a case by case basis deploying solutions include restructuring of payment plans, accepting partial payments, and agreeing suspension of cover.
My cover requirements are different now than when I took my policy out. Is there anything AXA can do to help here?
Where a reduced level of cover is required as a result of Covid-19’s impact on the economy, AXA will adjust the cover and reduce the premium accordingly upon request.
Because of COVID-19, my business is no longer operating. Will my material damage cover be restricted?
AXA will not restrict cover where properties become vacant/not operative due to crisis, please refer to AXA for more details.