Shopinsurance.com.au - Protect Your Business through COVID with Adequate Insurance

“Whilst a significant number of businesses have Business Interruption cover, unfortunately, insurers do not cover pandemics as defined under section 42 of The Bio-Security Act of 2015 and business owners could not get relief through insurers.”

shopinsurance.com.au is a specialist insurance broking business that handles the insurance needs of franchisors and franchisees with tailor-made, lowcost business insurance products, services, and advice.

Business Franchise spoke with shopinsurance. com.au Director Fred Nadde about how COVID-19 has impacted business.

Fred Nadde: “Many of the franchise businesses we support operate within shopping centres or the hospitality industry around Australia. COVID-19 has had a crippling effect, particularly on those located in Victoria. With stage 4 restrictions in metropolitan Melbourne, these businesses have been closed or operating a reduced service for months.

“Whilst a significant number of businesses have Business Interruption cover, unfortunately, insurers do not cover pandemics as defined under section 42 of The could not get relief through insurers.

“However, some insurers in the industry have not updated their Product Disclosure Statements to reflect The Biosecurity Act of Quarantine Act 1908 for quarantinable diseases exclusion. This has resulted in a number of challenges and a test case is currently before the Supreme Court of NSW to firstly determine whether on their proper construction, the words ‘declared to be quarantinable diseases under the Quarantine Act 1908’ appearing in the insured Product Disclosure Statement should be read as