Why get business interruption insurance?

If a business is out of action for a length of time Business Interruption Insurance will cover expenses while your business recovers, relocates or restocks.

Normally part of a Business Insurance policy, it will kick in following a fire or other insured peril occurring at a business premises when some form of interruption to the business occurs.

 

What type of expenses does Business Interruption Insurance Cover?

This insurance will cover your business related expenses like rent, wages, relocation expenses, advertising and suppliers cost.

 

Why is it so important

According to LMI group who provide services to corporate and government for insured and uninsured losses

Typically following a fire or other insured peril occurring at a business premises some form of interruption to the business occurs. This disruption results in a reduction in Gross Profit.

  • Some expenses are truly variable to sales. (purchases) = A   use business on weekend
  • Other Expenses which may or may not continue if the business does not trade. (rent, wages, electricity) =B
  • Net Profit (loss) =C
  • Insurable Gross Profit /Gross Income is =B + C

 

How do I arrange a business interruption quote?

Quotesonline uses Insure 247 to process your quote request, they will send you a calculator from LMI, once completed they take it to a number of insurers and come back to you with the quotes.

 

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification
By The Quotesonline Team|2017-09-05T04:21:01+00:00June 19th, 2015|Business Insurance, Insurance Information|
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