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Business Interruption

What is Business Interruption Insurance?

Have any questions about how this can apply to you?

If there was a major event that led your business not being able to temporarily operate, how would you continue to pay your fixed expenses and staff?

 

Business Interruption insurance provides protection against financial loss as a result of physical damage from fire, burglary and flood that would fall under a Material Damage policy.

 

The two most common extensions on your Business Interruption policy are Gross Profit and Additional Increased Costs.

 

Gross Profit will cover you for the loss of revenue whilst your assets are being repaired or replaced, costs of any wages and outstanding debts that need to be paid.

 

Additional Increased Costs provides cover for the cost of having to relocate premises, cost to move machinery and stock, and advertising costs to let your customers know of your new location.

 

Business Interruption may

cover:

  • Loss of Income as a result of a fire that damages your building.

 

  • Loss of Rent as a landlord if your tenants were unable to occupy the premises.

 

  • Additional costs to relocate to another building and advertise to your customers that you have moved.