Business Interruption
Insurance
Helping protect businesses from financial losses resulting from a covered interruption in their normal operations.
This interruption could be caused by various events such as natural disasters, fires, vandalism, or other unforeseen circumstances. The policy typically covers the loss of income that a business may experience during the period it is unable to operate due to the covered event. Business interruption insurance can provide coverage for various expenses, including lost profits, ongoing expenses (such as rent and utilities), and the costs associated with temporarily relocating to a different facility. The goal is to help the business return to its pre-interruption financial position by compensating for the income and extra expenses incurred during the downtime.
Do you need Business Interruption Insurance?
Most businesses do. What would happen to your business if your premises became unusable? How would you manage to function without your equipment? What happens if there is a failure of public utilities or you experience a cyber attack. All of these scenarios can be covered as part of a business interruption policy. This is an area that requires specialist advice. And that’s where we come in.
The key components of business interruption insurance
Lost Profits
Business Interruption Insurance compensates a business for the income it would have earned during the period of interruption. This includes lost profits and revenue that the business would have generated if the covered event had not occurred.
Ongoing Expenses
The insurance helps cover ongoing fixed expenses, such as rent or mortgage payments, utilities, salaries, and other regular operating costs, even when your business is temporarily unable to operate.
Temporary Relocation Costs
If your business needs to temporarily relocate to continue operations, business interruption insurance may cover the additional expenses associated with the temporary location, such as rent and moving costs.
Extra Expenses
The policy may cover additional expenses incurred by your business to minimise the impact of the interruption. This can include costs related to expedited repairs, temporary facilities, or other measures taken to resume operations quickly.
Extended Period of Indemnity
Some policies offer an extended period of indemnity, allowing coverage to continue for a specified time after your business resumes normal operations. This is especially useful for businesses that may experience a delayed return to pre-loss revenue levels.
How much Business Interruption cover do you need?
How much cover you need is very much dependent on your specific business. We can work with you to understand your unique requirements and create a policy that fits your business like a glove. Whilst there is more to our service, we follow this simple three step process to ensure you are properly covered.
Step 1
Your business
We meet with you to understand your unique business and the risks it faces.
Step 2
The market
We will take the information and research the market to find the most suitable policy.
Step 3
Your cover
Once you have agreed, we put your policy in place and you are covered.
Would you like a quote for Business Interruption Insurance?
At Minories Partnership we work with our clients to construct the most appropriate insurance programme for their specific needs. And we’d be delighted to do the same for you. If you’d like to talk to us about getting a quote, then please just click the button below and fill in your details.
