Overlooked but arguably one of the most essential lines of cover.
Business Interruption is designed to protect your business against financial losses as a result of not being able to trade as usual due to a property damage loss which is insured such as a fire or flood to a premises. It aims to put your business back into the position you were in prior to the interruption.
Consider for example, you have a business hiring out marquees and equipment for events. There is a warehouse fire destroying all of your marquees and equipment consequently leaving your business with no stock and unable to fulfill imminent bookings.
Business Interruption cover can not only cover the loss of revenue that is a direct result of the fire but it could also minimise the impact of the interruption by funding the temporary hire or replacement equipment where economical to do so to fulfill the imminent bookings, ie. the increased cost of working and in turn, not letting clients down and retaining your reputation.
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The Indemnity period under the policy should be the period during which the business is affected by the property damage loss and that period can only be decided by the business itself as circumstances will vary from business to business. For example, you should consider how long it will take to get your business back to its position prior to the damage taking into account factors such as time to find alternative premises or rebuilding, lead times to replace stock and even keeping your valuable employees and customers. For example, a shop has a fire and is unable to trade. If it takes 24 months to rebuild that shop and they are unable to trade in that period, 12 months indemnity would not be enough. Indemnity periods can start at 12 months and can go up to 24, 36 and even 48 months. Many people choose 12 months but if your property is large, or listed, extensive damage can easily take over a year to repair, leaving much of your interruption period uninsured.
Commercial Combined Insurance is a single policy specifically designed to protect your business against the risks associated with the day to day running of it.
At CoverMarque we focus heavily on our service ensuring we understand exactly what your business does and that you understand exactly what you are covered for.
We will work closely with you to create you a tailored policy with one of our A+ Rated Insurers that combines a range of essential covers into one policy with one renewal date.
ERECTING A MARQUEE? Use our handy tool to check the wind-speed in your area.