Business Interruption Insurance

If your business suffered an unexpected disruption, such as a fire, flood or storm, or a major supplier closes because of one of these events, how long would it take to get it up and running again? And how much would you lose along the way?

Business interruption insurance can help make sure your business keeps running smoothly after an unexpected event, by covering the turnover that is lost – so you can recover and rebuild.

Who should consider it?

For most business owners, there are ongoing expenses that you need to pay even if you’re not generating any revenue – like staff wages, supplier invoices, rent or loan repayments.

Business interruption insurance can get you through a temporary crisis by protecting your cashflow – so you can pay these expenses and help ensure the future of your business.

What can it cover?

Business interruption insurance can cover the loss of any sales you would have made while your business is out of action – plus any extra costs you incur to stay open.

Depending upon the policy, business interruption insurance can cover:

• Revenue/income
• Fixed costs
• Temporary relocation
• Extra expenses
• Civil authority ingress/egress

Business Interruption (Commercial Property Owners)

For Commercial property owners, this section of the policy protects your rental income. If your building is damaged, due to an insurable event, and as a result your tenant is unable to trade and therefore pay rent, business interruption insurance covers your lost rent and remains a beneficial inclusion.

Business Interruption (Business Operations)

Covers loss of gross income/profit resulting from interruption or interference to the business caused by loss or damage to the property from the applicable insured event.

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer, so it’s important to get professional advice on this cover. Talk to one of our General Insurance Brokers today to find out more.