Business interruption Insurance

Business Interruption Insurance

Worse than the loss due to the risk of fire and the damages it may cause as a result, is to be unable to continue doing business after the break of the fire. Although, the business stops due to this calamity, there are certain charges that will independently continue irrespective of the situation that the contributor is placed in. These expenses such as bank interests, employee’s salaries, rent, electricity and other standing charges, will still need attention in addition to the loss of revenue. This results in a loss of gross profits due to reduction in turnover and increased cost of working during the period of interruption. Here you will be able to seek information and request for quotation online.

For Business interruption cover to operate, it is compulsory that there be in place a Property All Risks or Fire insurance policy. This cover takes into consideration the following aspects which should be addressed when opting for this cover, and are:

  • Gross Profit
  • Wages
  • Standing Charges
  • Annual Turnover
  • Limit and Period of Indemnity.

This coverage is subject to a time excess e.g. first 7 days of the loss