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When you suffer a business interruption, the financial loss can be more devastating than the physical loss. Business interruption insurance - also known as ‘business continuity' insurance - helps to minimise the financial impact to your business when an interruption to your normal operations occurs after a physical loss of business assets.
Interruption insurance is designed to help you carry on through the event and after the damage has been repaired. The cover funds your increased operational expenses and injects lost profits into your balance sheet.
Business income insurance covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt. Cover starts from when your trading is halted, not from the date of damage. You are paid during a period of restoration.
Business interruption insurance makes sure you have the necessary funds to:
Having the right business income coverage in place means: