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Most small business owners like to prepare for unexpected events by insuring their physical assets, such as their premises, contents, stock and equipment. But have you thought about what would happen if you had to shut your doors for a few days, weeks or even months due to an insurable event, like fire, storm or theft?
Would your business survive? How would you continue to pay for things like rent, utilities, staff wages and other business expenses?
Business Interruption insurance covers you for the loss of income and the increased costs of running your business as a result of damage by events covered in your policy. It is an important form of cover for small business owners, as the slightest hiccup can send your business into turmoil and cause chaos to your finances.
It is important to note that Business Interruption cover is available an additional cover option when you take out a Business Insurance policy.
When a catastrophe occurs it is often the interference to trading capabilities, and not the event itself, that has the real potential to bring the business to its knees. Business interruption insurance is designed to provide compensation for the financial impact of these events, and help place your business in the same financial position it was before the chaos.
Watch Eliza Showell’s story on how a violent storm swept through her Sydney hair salon, Blondies, in 2017. Business Interruption insurance helped saved her business by maintaining her cash flow whilst they were closed for repairs.