Business Interruption Insurance
What would you do if your business had a fire? Rebuilding and replacement of machinery or stock can take months. Where are your customers going to go whilst you can’t help them? What about the costs you need to cover whilst your business is out of action? Fortunately the Trust Insurance Group have considered these risks and can offer a full review of your unique requirements.
What can Business Interruption Insurance cover?
Business Interruption insurance is triggered when your business suffers a loss by an insured peril (e.g. fire, flood, earthquake etc.). The subsequent loss due to your inability to trade is covered by business interruption insurance. Covers available include:
- Loss of income – Remuneration for the fees or sales you would have received had the peril not occurred.
- Additional cost of working – Financial assistance for the renting of alternative premises or other additional expenditure.
- Additional operating expenses – Includes advertising costs, increased staff travel costs and overtime.
Considerations for Business Interruption Insurance
Business Interruption Insurance aims to keep your business in the same financial situation as you would have been had the incident not occurred. This simple idea becomes very complicated when you consider the impact a significant loss would have on your business.
Your key considerations when calculating this are
- Fixed Costs – What would you be expected to pay for regardless of the loss?
- Additional Costs – How easy would it be to find alternative premises and replace your stock?
- Maximum Indemnity Period – How quickly could your business fully recover from a significant loss?
We don’t expect you to know all the answers. That’s why we’re here to guide you through the process. We will help protect you and your business in the aftermath of a loss.