Business Interruption protection is a vital cover, but can be misunderstood or sometimes overlooked by businesses.
While buildings and contents policies take care of the initial damage after an insured peril, such as a flood or fire, business interruption cover protects your cash flow.
The type of cover is usually based on your gross profit and includes wages, so you can continue to pay employees even if you are no longer trading after the event.
It’s essential to factor in long-term growth, as cover is also for the consequential financial losses of future events. The indemnity period selected should not only cover the time it would take to rebuild and equip your premises, but also to get back to the same position. This long term interruption could continue for years if customers went elsewhere in the event of a fire or flood and you couldn’t trade.
You should also consider wider covers and other extensions. This might include denial of access, damage in the vicinity and damage to a customer’s or supplier’s premises.
Our preferred partner network of business insurance specialist are on hand to offer expert advice in these areas, so your business stays fully protected. Get in touch to find out more.
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