Business interruption insurance is insurance coverage that replaces business income lost in a disaster.
Business interruption insurance is a type of insurance that covers you and your business from the loss of trade and income following a disaster. The insurance covers the subsequent loss of income from the moment trading stops to when it is able to recommence.
Business Interruption Insurance protects the continuity of your business during or following events you cannot control, such as accidents or natural disasters. If your business suffers a sudden cease in trading, we’ll make up the lost income while your business gets back on its feet.
Prices for this cover vary depending on turnover and how prone your business might be to a cease of trading caused by outside influences.
Does business interruption insurance cover pandemcis?
No, business interruption insurance does not cover interruption due to pandemics, viruses or common colds.
Does business interruption insurance cover lost income that is not recorded in my business's finances?
No, business interruption insurance does not cover lost income that is not recorded in your business’s finances.
How much will the premium be for my business interruption insurance policy?
Your premium will be based on a number of factors including: wage roll, nature of the business, gross profit and cost of moving.
What is the most likely event to interrupt my business?
Fires and floods are by far the most common causes of business.
What is a material damage proviso?
All business interruption policies have a material damage proviso. This ensures that the insured has active material damage policies in place so that in the event of a business interruption claim, the insured has the ability to restore the business to it’s former position.
Does business interruption insurance cover accountant's fees?
Yes, business interruption insurance covers costs associated with hiring an accountant to prepare a claim.
What is an indemnity period?
This period can be defined as ‘the time period in which the interruption affects the business and prevents it from operating as normal’.
Is my business covered for losses as a result of radioactive contamination?
No, business interruption insurance does not cover losses that have arisen from radioactive contamination or nuclear explosions.
Does business interruption insurance cover the costs of alternative premises?
Yes, business interruption insurance covers the renting of alternative premises for the insured business.
