Learn all about Business Interruption Insurance
Business Interruption is generally taken (or should be!) as section 2 of a Business Pack policy, right beside the Property/Fire Section.
The prime purpose of business interruption insurance is to make sure that the financial position of your business returns to where it was before the loss. Your insurer will assess your profits and turnover, and factor in industry variations and trends to gain an understanding of your potential loss after an insured event.
You need to have a property policy in place (Section 1 Property/Fire) in order to be eligible for business interruption insurance, and the damage incurred must be of the type that would be covered under that property policy.
Business interruption insurance also covers various other elements. For example, if you have suffered a major interruption to your business, you might find that you need to spend extra money to get back up and running. You might have additional rent or you might have to pay for temporary premises, or extra costs of employing additional staff to assist in the clean-up process.
These can also all be covered by business interruption insurance, under what is called additional increased cost of working. Often an insurer will advance such monies to minimise downtime, and to ensure your business returns to normal as speedily as possible.
Is it worth taking? You better believe it. It is NOT an expensive section, and we would be happy to discuss further. Please contact us for all Business Interruption requirements and enjoy the video below.