Business Interruption Insurance
Business interruption insurance helps covers the loss of income when your business suffers from a disaster such as a fire. It covers income loss due to non-business operation after the disaster and during the re-building process. Business interruption insurance gives you certainty and can help your business get back on its feet and operating again.
Why you should consider it.
For most business owners, there are generally ongoing expenses that need to be paid even if you’re not generating any revenue. These can include staff wages, supplier invoices, rent or loan repayments.
Business interruption insurance can get you through a temporary crisis by protecting your cash flow – ensuring you can pay these expenses and help ensure the future of your business.
What can it cover?
Business interruption insurance can cover:
- 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.
What isn’t covered?
As with any insurance there are limits and exclusions that apply. There may also be a deductible, excess or limits on this type of cover so check with your GIBA insurance broker.
Please talk to us about what may or may not be appropriate for your coverage.