Business Interruption Insurance (BI)
The Business Interruption section of a policy provides cover for loss of profit and continuing expenses incurred during a selected indemnity period when operations of the business are interrupted due to an insured loss. The cover can be tailored to the needs of the business and an indemnity period of anywhere between 3 to 36 months is available. You can also include coverage for Accounts Receivable, Claims Preparation Costs and Additional Increased Costs of Working.
A reduction of revenue can be critical to the survival of a business following in interruption to trade. It is important to give full consideration to potential exposures to your occupation. It is recommended all businesses complete a Business Interruption Calculator annually to accurately assess their exposure. Under-insurance in this class of insurance is common with potentially severe consequences in the event of a claim.