Insurance in the “new” normal – post COVID 19

As daily briefings of new cases of COVID shift to daily updates on what businesses are now back open to the public, it’s a good time to think about what’s happened over the last 3 months. As well as how to plan for what is to come.

For many, the shift to working from home allowed them to make changes to their auto insurance. Some parked vehicles. Others reduced their driving usage. With so many out of work or working reduced hours, saving money was paramount. As the economy opens up and people return to work, it is important to talk to your insurance broker to ensure your coverage reflects your current situation. If you are back working at the office – make sure your insurance company is aware.

For businesses, the demands of COVID were far reaching. Many industries were completely put on hold (hospitality), others had to pivot quickly to survive. If your business situation has changed significantly due to COVID, It’s important to talk to your commercial insurance professional to manage your risk as you resume operations. And don’t forget to discuss any physical changes you’ve had to make to your premises or office space to encourage social distancing.

Another big change for business is the growing need for Cyber Insurance. During this transition time (and most likely long term) employee flexibility and the increase of people using devices from home or on the go has created serious cyber weakness in many businesses. Ensuring your staff is trained in cyber awareness and that your business carries appropriate cyber coverage will just be a part of most businesses moving forward.

Situations like COVID create ripples of change that continue for weeks and months after. People and businesses will continue to deal with the effects in their own way. Your insurance broker is here to help you navigate your risks, your costs and help you make decisions that are in your best interest for the “new” normal to come.