What are the main features of a Business Interruption Insurance Policy?
Whilst Business Interruption Insurance is not available as a standalone product, it can be included in many types of other business insurance policies including building/contents. This cover aims to replace lost income if your organisation is unable to trade temporarily and to restore the business to the same operational standard as it was before the incident. The premium quoted can vary depending on a number of factors including business revenue, industry, employee numbers and location.
Main Features
- Covers incidents such fire, vandalism or theft, or natural events such as flood and storms.
- Compensates for loss of income based on your expected revenue for that period.
- Cover will be based on a ‘maximum indemnity period’ – this is the timeframe the policy will cover you from following the incident date.
- Can include interruption of, or interference caused, by the failure of the public supply of electricity, gas, water, or communication services
- Covers rent, bills and other fixed overheads such as payroll and taxes during the period you are unable to trade.
- Can assist with temporary relocation cover (e.g. rental of temporary office space).
- Can assist with additional expenses including overtime, accountant fees or cleaning.
