Business Insurance FAQs

If my business had to close or if I can’t run it, can I claim on my Business Interruption policy? Do you provide Cover for financial losses?

Businesses and the economy are facing a serious and, in some instances, devastating blow. Naturally, as Covid-19 is so new, there are very few (if any) insurance policies in the market that cover its consequences. Unfortunately, your Policy does not cover for financial losses due to Covid-19, neither does it cover compulsory closure of businesses caused by Covid-19.

My business is receiving a lot of cancellations on orders and has a minimal inflow of new orders. Are we entitled for compensation?

We understand this is a really worrying time for you and your business (including your employees, vendors and clients, among others). Although our Company cannot assist, the Republic of Cyprus offers financial support – visit www.pio.gov.cy/coronavirus for the latest information.

I am self-employed and my work-orders (or appointments to work) have been cancelled. Will my insurance cover the loss of income?

We know that many self-employed individuals, workers, and professionals have suffered a significant loss of income due to the Covid-19 outbreak. Unfortunately, our Policies do not cover income losses or interruption of work caused by the disease.

The Republic of Cyprus offers financial support to freelancers and self-employed workers through the Self-employed Income Support Scheme. Visit www.pio.gov.cy/coronavirus for the latest information.

My business is closed now, due to the measures. Will this affect my buildings’ insurance?

Our Insurance Policies define a building as ‘unoccupied’ if it remains without physical presence for a specified time. However, in these uncertain, trying times, we’ve adopted a more flexible approach throughout the lockdown period for businesses forced to close due to Covid-19. Consequently, if your building is unoccupied, the first 30 days will not be subject to GIC Policy requirements related to unoccupied buildings.

After the first 30 days, some restrictions will apply – these can be found in your Policy wording. But don’t worry, if the premises are still unoccupied after 30 days, please let us know and we’ll work with you to manage the un-occupancy in the most suitable way.

What happens if I can’t repay my premium?

If you’re struggling to keep up with your payments, please call us. While our phone lines are busy during this period and getting through may take longer than usual - bear with us, we want to help. Lines are open Monday to Thursday 7:30am to 3pm. and Friday, 7:30am to 2:30pm.

Please also note that the Republic of Cyprus is offering a range of support packages to help people through this difficult period, details of which can be found on www.pio.gov.cy/coronavirus.