Business interruption insurance is designed to cover your business for loss of income as a result of not being able to continue trading following an insured event such as a fire, storm, flood, or major theft which affects your ability to trade.
In the event of such an unfortunate occurrence, it is important to consider how you would keep your business running in the interim period.
How would you pay the bills, pay your staff, maintain relationships with clients and suppliers?
Our business interruption insurance aims to put your business back in the same trading position it occupied before the damage occurred.
While Property Insurance will cover reinstatement of your buildings, machinery and contents, it is Business Interruption cover that will minimise the financial impact.
It is therefore important to get it right. The indemnity period is crucial and should reflect a worst-case scenario and how long it would take for your business to return to the same trading level before the loss occurred.
How are Business Interruption policies arranged?
BI policies are usually arranged on either a gross profit basis or on a gross revenue basis, depending on the trade.
Gross profit basis is mainly used for manufacturing and retail whereas gross revenue is usually used for services and professional businesses.
Cover is usually limited to interruption following insured damaged that has occurred at premises either owned or occupied by the insured.
Policy extensions can be added that amend premises limitation to include interruption caused by damage at premises used by the insured’s neighbours, customers, suppliers, utility providers and other third parties.
BI policies can also be extended to cover losses caused by events including disease outbreaks and bomb scares that affected the insured’s premises.
Contact us today on 0161 833 2100 for a quote.
Keeping your business covered
Our flexible policies let you choose the right level of cover for your business. And if you’re not sure, just give our knowledgeable insurance experts a call and we’ll help you choose. Our cover includes:
Business Insurance Products
In addition to PI insurance, you can further protect your business with our business combined insurance. This package offers great value, with complete coverage for your business in one simple bundle, including:
Public liability insurance for £1 million, with the option to increase to £5m, if you have to visit client premises or they visit yours.
Employers’ liability insurance for £10 million, covering you for claims from employees for injury or illness during their employment.
Office contents insurance up to £5,000 to protect your office contents, computer equipment and furniture against accidental damage and theft, with optional insurance for portable equipment.
Directors’ and officers’ liability insurance from £250,000 if you’re held personally responsible in claims against your business by creditors, employees, customers or regulatory bodies like HMRC.
Call 0161 833 2100 today for details.
Legally required for your business, we provide £10 million cover if you have to pay compensation or legal fees because your staff get ill or injured at work. Call 0161 833 2100 today for details.
24 hour a day protection (not just while you’re at work) against personal accidents or sickness, to make sure you can keep paying the bills. Cover from £50,000 for just £35 a month. Call 0161 833 2100 today for details.
Up to £2m cover for legal fees and damages if one of your employees causes injury or damage to your customers or their business. Call 0161 833 2100 today for details.
Protects your business against the costs of legal action taken against you, including contract disputes, debt recovery, tax, VAT and HMRC investigations. £100,000 cover for only £75 a year! Call 0161 833 2100 today for details.