Business Interruption Insurance

It’s estimated that natural disasters cost Australia $11 billion on average each year. The top two risks to businesses around the world are extreme weather events and natural. While most companies insure their building and contents against disasters like fire, theft and storms, many neglect to insure for the interruption to their business caused by these events

"Insurance can help your business get back on its feet if things go wrong. You can insure against disasters and for business disruption to cover your losses during the recovery period."
Department of Innovation, industry and science, 2018

What is Business Interruption Insurance?

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.

Who should consider it?

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.

Having a store with staff and inventory, we encourage business owners to consider comprehensive retailers insurance. This ensures that you are covered in the circumstance you need to close your store.

What can it cover?

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

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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.

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