Business Interruption
Safeguarding Your Business Against Loss of Income
Overview
To help replace business income and loss, Business Interruption Insurance (BI Insurance) aims to provide essential protection in the event of damage or additional factors that directly impact your business. For example, damage at a key supplier could have an impact on your own business. Business interruptions can significantly impact your organisation. Securing Business Interruption Insurance coverage can cover a range of losses, such as income loss and wage payment, protecting your business from unforeseen events and helping it recover quickly. Cover can assist with the expenses you may encounter, such as the need to rent additional properties and hire staff and equipment to maintain normal business operations.
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How We Can Help
Whether your business is a small to medium-sized enterprise or a large organisation, unforeseen interruptions could be detrimental to your business’s operations. That is why the team at Brown & Brown understands the potential risks and can help tailor a policy to fit your unique business requirements. From natural disasters to theft or vandalism, a crisis can come in varying forms, but with a Business Interruption Insurance policy, your business can be protected from the unexpected.
Cover can include
What is Typically Covered?
- Loss of Gross profit – This is the most common policy basis, which can include cover for the decrease in Gross Profit. Cover will include fixed charges, and any additional expenses incurred to continue operations.
- Loss of Gross revenue – This policy basis addresses the decrease in turnover resulting from a loss. More appropriate to service industries when there isn’t a substantial number of variable costs that would require coverage in the event of an incident.
- Increased cost of working – In the UK, the term Increased Cost of Working (ICOW) denotes the additional expenses incurred by a business to maintain normal operations following an unforeseen event, such as a fire or flood.
What is Not Typically Covered?
- Bodily or mental injury
- Loss or damage to property