Business Interruption Insurance – What is it and why consider it?
With Business Interruption Insurance you can protect – your business’ ability to earn an income.
You may think your business itself is your greatest asset, right? Wrong! What good is your business to you if it’s not bringing you in any money? Just think about it.
So, what exactly is Business Interruption Insurance and why should you consider it? Let’s find out.
What is Business Interruption Insurance?
Interruptions are a part of life and they’re a part of business too.
Imagine your business being impacted by a major disruption such as a fire, storm, technical failure or flood, with your doors needing to be shut for days, weeks or even months… How long would it take your business to get back up and running again and how much income would you lose along the way?
BI Insurance covers the turnover lost from unexpected events such as this, so you can recover and rebuild without the extra stress of income loss.
Why consider BI Insurance?
If you’re a Perth business owner with ongoing expenses such as wages, rent, loan repayments or supplier invoices, how will you pay these expenses if you’re not generating any revenue? It’s likely you can’t. This is why it’s something very important to consider.
What does BI Insurance cover?
This class of insurance covers the loss of any sales you would usually have made if your business was still running as usual.
It may also cover:
- Ongoing operating expenses, such as rent
- Relocation costs
- Training costs for operators of replacement machinery
- Closure of your business premises
- Damage to a supplier’s premises
Like most insurance, it doesn’t cover everything. So, it’s important to discuss further with your insurance broker prior to purchasing a policy, to ensure the policy is right for you.
Help your business stay afloat with Business Interruption Insurance.
Contact Grace Insurance in Joondalup for an obligation free Business Insurance quote today.