Coronavirus has exposed Britain's insurance industry as a shambles | Josie Cox

Businesses are being caught out, lacking the cover they thought they had. The whole sector needs a rethink

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The concept of insurance is marvellous. Individuals or corporations pay to spread risk across a large community, creating a greater degree of financial security and peace of mind, regardless of what challenges might end up materialising.

In many cases it's worked flawlessly for centuries. Businesses burned to the ground can often emerge from the ashes in a matter of months. Disability and sickness mustn't spell certain bankruptcy. In the 18th century, the wives and children of deceased members of the Amicable Society for a Perpetual Assurance Office were guaranteed cash, thanks to what's believed to be one of the earliest examples of life insurance as we know it.

It wasn't always like this. In years gone by some insurers were more forgiving when it came to paying out when disease struck

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