Business Interruption Insurance
Whilst Material Damage, or Property Damage cover protects for loss or damage to business assets, business Interruption insurance is designed and intended to mitigate the impact of such losses to the companies trading position, thereby allowing you to place the business back to where it was immediately prior to the insured event.
The basis of the Business Interruption Insurance (also known as Consequential Loss Insurance) can vary and is dependent on the type of trade and the specific financial trading aspects. Typically the insurance can be arranged to provide protection for the following, whichever is the most appropriate:
- Loss of Gross Profit
- Loss of Gross Revenue
- Additional Cost of Working Expenses
As well as arranging the insurance on the most appropriate basis we shall also give our recommendations on specific policy extensions we feel should be considered, such as:
- Loss following damage to Public Utilities (gas, electricity, water etc)
- Loss following damage at Customers or Suppliers premises
- Loss following Denial of Access to your business premises
- Loss due to Act of Terrorism or threat thereof
When arranging your policy it is critical that consideration is given to assessing how long recovery in trading would take to ensure a suitable indemnity period is selected. We would expect to be closely involved in such considerations and assist in the decision making process.
We will provide professional advice and recommendations on the structuring of suitable Business Interruption insurance protection suited to your businesses specific needs.