The time has come to assessment company insurance insurance policies – The Irish Information

There is no doubt that the government's coronavirus job retention program – or vacation – has been a lifeline for thousands of businesses in Northern Ireland as the pandemic threatened to sink many businesses.

It continues to provide much-needed support to businesses still suffering from the effects of Covid-19, despite the sharp decline in the number of users of the program.

Figures from HMRC, published on gov.uk, show that as of May 31, 58,600 workers in Northern Ireland were on leave. At the end of March there were 102,900 vacationers here, at the end of April there were 92,900.

As the economy begins to recover, the program is about to unwind before closing in late September.

As of August 1, the government's contribution to wages was reduced to 60 percent (capped at £ 2,500) while employers received 20 percent.

According to the Institute for Fiscal Studies, the cost to employers keeping an employee on vacation will be around £ 489 in August and September due to pension and social security contributions.

The expiry of the vacation program is a worrying time for some employers as the cost of doing business will increase, putting more pressure on some companies.

So now is a good time to do a review of your business insurance needs to make sure you have the right coverage for your business and that your policy is robust enough to accommodate changes in work practice.

Business insurance protects your business from a variety of risks including loss, theft, and damage to equipment, property damage, business interruption, illness or injury to employees at work, public injury or property damage caused by your company, third party business, or financial loss caused by Your work.

The best insurance brokers will be able to review your policy and tailor coverage to meet your company's changing needs. Because cash flow continues to be a high priority for some companies, they can find the best deal for you.

We have a team of commercial experts who are dedicated to helping you find the right type of coverage you need. They guide you through the many industry-specific legal regulations and obligations that you may also have to observe.

As a broker, our team searches for and compares offers from our large insurance group so that we can offer our customers our best offer.

:: Katherine Medwell is Commercial Account Executive at Northern Ireland's largest insurance broker AbbeyAutoline (https://www.abbeyautoline.co.uk)

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