If your business suffered an unexpected disruption, such as a fire, flood or storm, or a major supplier closes because of one of these events, how long would it take to get it up and running again? And how much would you lose along the way? Business interruption insurance can help make sure your business keeps running smoothly after an unexpected event, by covering the turnover that is lost - so you can recover and rebuild.
For most business owners, there are ongoing expenses that you need to pay even if you’re not generating any revenue - like staff wages, supplier invoices, rent or loan repayments. Business interruption insurance can get you through a temporary crisis by protecting your cashflow - so you can pay these expenses, and help ensure the future of your business.
Business interruption insurance can cover the loss of any sales you would have made while your business is out of action – plus any extra costs you incur to stay open.
It may also include:
Ongoing operating expenses, such as electricity and rent
Relocation costs for moving to, and operating from, a temporary location
Training costs for operators of replacement machinery
Closure of your business premises due to government-ordered street closures or curfews
Damage to a supplier’s premises which has a negative flow on effect for your business operations
Did you know that what is actually covered can vary considerably between insurers? Often with exclusions or high excess payments that you may not be aware of. You need a broker who can assess your individual situation, offer the right insurance and explain precisely what is and isn’t covered.
It's easy to pay too much for insurance, but it's just as easy to pay too little then find out too late that you're not covered. There's a lot of flashy online insurance calculators out there but they focus only on price. Talk to Tudor and you talk to a real person who knows the what level of cover should be recommended and who will personally help you with a claim.
Working for you.