iCare is determined to work with its business customers and offer them support amid the coronavirus pandemic. Now the company has issued a release outlining the key measures it is putting in place.
Among them, it is deferring premium payments for up to six months for those businesses that are experiencing financial hardship, it is reducing customers’ wages and coverage to reflect their new circumstances – potentially resulting in refunds or reduced premiums, and it is refunding the unused portion of a premium while keeping policies active for when customers resume business.
CEO and managing director John Nagle believes it’s vital to take into account individual circumstances at this time and ensure customers can manage their businesses through the disruption.
“We are operating in an environment of rapid change and multiple challenges for NSW businesses,” he said. “We are ready to adapt to the changing circumstances of our customers to ensure they’re able to continue to keep their people safe, both now and in the months and years ahead.
“Customers who have had to stand down staff due to the COVID-19 disruptions have been reaching out to us to update their wage estimates. As a result, we’ve been able to reduce premiums for more than 2,000 NSW businesses to a total value of $13 million.
“We’ve also been able to place 450 policies on hold for those businesses who have had to shut down completely.”