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Most small business owners like to prepare for unexpected events by insuring their premises, contents or stock. 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 cover* provides protection for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
It is important to note that Business Interruption cover is an additional cover option available when you take out a Business Insurance policy.
When a catastrophe occurs it can be the interference to trading capabilities, and not the event itself, that has the real potential to bring a business to its knees. Business interruption insurance is designed to provide compensation for the financial impact of insured events, and assist your business to recover.
|*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.|
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 while they were closed for repairs.