The data found that at least five commercial insurers have removed cover from their policies because of the outbreak of the virus.

Mactavish also found that around one in five VAT and/or PAYE registered construction firms in the UK – 68,800 in total - will have renewed their insurance at the end of March and beginning of April, but because of the coronavirus many will have seen cover removed from their policies and face increased premiums.

Mactavish has also revealed that this time of year is the busiest for companies renewing their insurance.

Bruce Hepburn, CEO of Mactavish, said: “There has been talk of insurers potentially excluding cover linked to the fall-out of infectious diseases from commercial insurance policies, and we are beginning to see this unfold.

“Over the past few weeks, many construction firms across the country would have received insurance offers and accepted them, but at the last minute, just days or even hours before renewal, elements of their cover were removed.

“With premiums also rising, remuneration for brokers is increasing at this very difficult time. We have customers getting less cover and paying more for this, whilst insurers and brokers are seeing their financial rewards increase. It doesn’t feel like insurers and brokers are sharing the pain of businesses across the UK.”

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