Trends for types of combined commercial policies reflect how businesses have adapted during the coronavirus pandemic, says Superscript
Insurance quotes delivered between March and September 2020 for ecommerce businesses increased by 121% compared to the previous six months, reflecting how traditional retail organisations pivoted their operations to accommodate the Covid-19 lockdown, said business insurance specialist Superscript.
Analysing its combined commercial quotes from the last six months, Superscript also found that insurance quotes for businesses providing software and IT services had climbed by 69% during the national lockdown, compared to the prior six months.
In particular, the home crafts market experienced a huge surge during the first phase of lockdown – Superscript recorded a 277% spike in combined commercial insurance quotes related to home crafts between March and May this year.
Cameron Shearer, co-founder and chief executive of Superscript, said: “Analysing insurance activity is often an early indicator of trends we’re yet to witness. For example, the huge jump in insurance for home crafters may be a tell-tale sign of a societal shift towards hobby jobs.”
Alongside this, the beauty industry re-opening on 4 July as lockdown restrictions were relaxed led to an increase in sole traders seeking insurance, said Superscript. The firm reported an 139% month-on-month increase in quotes from beauty therapists in July compared to June – there was also a 234% monthly boost in quotes for hairdressers and a 240% incline in quotes from nail technicians over the same time period.
“The sharp rise in insurance from beauticians when lockdown restrictions were eased can be used as another indicator of how much that industry contracted during lockdown,” Shearer added.