THERE’S no doubting that the government’s Coronavirus Job Retention Scheme - or furlough - provided a lifeline for thousands of businesses in Northern Ireland as the pandemic threatened to sink many companies.
It continues to provide much-needed support to businesses who are still suffering the impact of Covid-19, although the numbers using the scheme are falling sharply.
Figures from HMRC, published on gov.uk, show that on May 31 there were 58,600 furloughed employees in Northern Ireland. At end of March there were 102,900 on furlough here while at the end of April the total was 92,900.
As the economy begins to recover the scheme has been in the process of winding down ahead of it closing at the end of September.
From August 1 the government's contribution to wages fell to 60 per cent (limited to £2,500) with employers picking up 20 per cent.
According to the Institute for Fiscal Studies the cost to employers keeping a staff member on furlough will be approximately £489 in August and September due to pension and National Insurance contributions.
As the furlough scheme comes to an end, it is a concerning time for some employers as business costs will increase placing more pressure on some businesses.
So now is a good time to conduct a review of your business insurance needs to ensure you have the right cover for your business and your policy is robust enough to include any changes to working practises.
Business insurance protects your business from an array of risks such as loss, theft and damage to equipment, property damage, business interruption, employee sickness or injury in the workplace, public injury or property damage caused by your business, third party business or financial loss caused by your work.
The best insurance brokers will be able to review your policy and tailor cover to suit the changing needs of your business and as cash flow remains a high priority for some businesses, they will be able to find the best deal available to suit you.
We have a team of commercial experts who are dedicated to helping you to put in place the right types of cover you will need. They will guide you through the many industry-specific legal regulations and obligations you may also need to consider.
As a broker, our team search and compare quotes from our large panel of insurers so we can offer customers our best deal.
:: Katherine Medwell is commercial account executive at Northern Ireland’s largest insurance broker AbbeyAutoline (https://www.abbeyautoline.co.uk)
