Business Interruption Insurance

March 25th, 2019
following a fire business interruption will cover your loss of income

Protect your business against loss of income

Business Interruption insurance, also known as Loss of Income, will cover the consequential loss in revenue following material damage to your business.

Following a fire, storm, or flood, premises will often be left in a state that reduces the level of trade, or in some cases prohibits you from trading at all leaving you with rent, supplier bills, wages and much more to handle, and without the usual income could see businesses never reopen.  This is where the Business Interruption insurance steps in to assist with these worries and give the business every chance of getting back on its feet.

With the UK seeing an increased risk of flash flooding over recent years many pubs, shops and hotels could find themselves unable to trade following the devastating damage that can be left behind.

What to look for from a Business Interruption policy

  • Some policies will give a standard limit of cover, you should be confident that this gives you enough cover.
  • Giving yourself the best chance with an adequate indemnity period, see “What does Indemnity Period mean?” below for more details.
  • Check out any additional coverage you may get, see “Additional Coverage” below for more details.

What does Indemnity Period mean?

The indemnity period is the amount of time a policy will provide you with cover, when this period or the policy limit is reached the cover will stop paying for your consequential losses.

Most policies will provide a standard indemnity period of 12 months, however following a significant loss this may not be adequate, which is why we provide 24 months in all our standard coverage, to ensure you are not left short should the worst happen.

Additional Coverage

Some policies will provide additional coverage aside from the material damage, these could include;

  • Failure of public utilities, such as power cuts.
  • Denial of access, following damage to property in the vicinity of the premises that hinders access to your premises.
  • Damage to suppliers’ premises, which result in a failure for you to receive the goods required for you to trade.

For more details of the great packages we offer, visit the homepage here and select your business.  Alternatively, you can speak to a member of our team on 0800 731 2940.

Finally, if you do not have time right now, why not complete a quote request form here and we will contact you when convenient.