Business Interruption Insurance
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Unexpected disaster - are you prepared?
Business interruption insurance protects you when disaster strikes. Damage can be caused by many factors beyond your control. Events such as a flood, fire, burglary or vandalism can bring your business to a standstill. Even when your property, equipment and stock is fully covered, other costs such as wages and utilities must be paid. The problem is there may be no income while your business is disrupted.
Business interruption insurance can make the difference between survival or closure. Cover provides compensation for loss of income and gross profit as well as assistance with meeting the increased costs of working while the premises are restored, such as temporary offices, overtime, hired equipment or transport costs.
It takes time for businesses to recover from a disaster. Be realistic and consider the length of time needed to get the business fully up and running again – consider a 24 or 36 month insurance programme.
Business interruption protection can be added to your overall insurance package. Additional cover can also be tailored to include:
- Public liability insurance – cover for claims due to injury or loss including damage to property or injury to a member of the public
- Employers’ liability insurance – a legal requirement if you have 1 employee or more to cover against any action taken by any employee in the event of accident or loss
- Directors’ and officers’ insurance – cover for claims from anyone who feels they have suffered a loss arising from a director acting wrongly in their position e.g. from employees, shareholders, creditors, regulators, customers, government
- Professional Indemnity Insurance – protection against claims by your customers for losses caused by negligence by you or your employees
- Computer insurance – cover for loss, theft or accidental damage
- Office contents insurance – cover for items such as fixtures, fittings and equipment from damage and theft, especially when some items can be very expensive to replace.
- Cyber liability insurance – protection against losses caused by online fraud, one of the fastest
