Business Interruption
Business interruption insurance typically covers the reduction in turnover/profit whilst your business is fully or partially unable to operate following an insured loss such as a major fire or storm damage. It may include payments for:
- Lost business income following an insured business interruption event.
- Ongoing operating expenses such as rent, electricity and utility bills.
- Relocation costs for moving to and operating from a temporary location.
- Reimbursement of additional expenses that allow the business to continue operating such as overtime wages and increased freight charges.
- Loss of revenue following Government-mandated closure of business premises such as street closures or curfews.
- Damage to a supplier’s premises which has a detrimental flow-on effect to your business operations.
- Claims preparation costs.
Who is it for?
For most businesses, there will be ongoing operating expenses that you will be required to pay following an unexpected insured loss such as rent and loan repayments, supplier invoices and wages.
Business interruption insurance can help get you through a temporary crisis following an insured event by assisting with cashflow by paying these expenses so that you can recover and rebuild to help ensure the future of your business.