Business Interruption

 

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What is Business Interruption Insurance?

Primarily, Business Interruption Insurance is designed to mitigate the main business expenses of your business that continue to apply even when you are unable to trade. These expenses may include; Firstly, ongoing operating expenses, such as rent and electricity. Secondly, damage to a supplier’s premises which has a negative effect on your business. Finally, knock on effects of relocation, such as training staff on new machinery, or costs of moving your business to and from a temporary location.

Why insure your business with a broker?

As your broker, our job is to help you find the best cover for you and your business, as well as handling your claims, and comparing the market every year to ensure you still have the best cover, and making sure that your policy details remain accurate and up to date.

We have experience dealing with insurance risks large and small, in just about every industry. We have access to over 200 Australian underwriters and insurers, and offer multiple quotes, so that you can see for yourself what is available to the market. We also offer monthly payment options.

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Who is Business Interruption Insurance for?

Generally, Business Interruption is for business owners who rely on a physical presence in order to attract their client base. For example, if you own a hospitality business or retail store. This is because these types of business rely on a physical location in order to bring in customers. Typically, this insurance is designed for supplementing the income of your business. This supplementation is required because a severe weather event or other event that prevents you from trading.

What Does it Cover?

Primarily, Business Interruption Insurance is designed to mitigate the main business expenses of your business that continue to apply even when you are unable to trade. These expenses may include; Firstly, ongoing operating expenses, such as rent and electricity. Secondly, damage to a supplier’s premises which has a negative effect on your business. Finally, knock on effects of relocation, such as training staff on new machinery, or costs of moving your business to and from a temporary location.

When does this insurance apply?

Specifically, this insurance is designed for getting your business through a temporary crisis. Primarily by protecting your cash flow, so that you can pay your business expenses and protect the future of your business.