Business Interruption Insurance Policies – insurers must pay small firms for COVID lockdown losses

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It’s likely that you’ve seen the news that tens of thousands of small businesses will receive insurance payouts covering losses from the first national lockdown.

The Cover Notes Scheme offered to MIA members is primarily conducted via Hiscox, Zurich, Liverpool Victoria and Allianz. This means that if you have business insurance provided by Cover Notes, you may be eligible to make a business interruption claim.

We have been in contact with our partners S. Johnson & Co (brokers for Cover Notes) for further clarification, and they have advised that will prepare a statement of guidance for MIA members in the early part of next week.

Each customer’s claim is different and the outcome of each claim will depend upon the customer’s policy, the type of business they operate and their individual circumstances.

We will of course bring you this update as soon as it is available.