This insurance is one that many businesses need but often don’t have and it can cause many to close if an unforeseen event occurs.
Business Interruption Insurance can mean the difference between getting back up and running and potentially having to close your business. Without adequate insurance, a significant loss can be too much for a business to bear.
If a fire, flood or storm affected your business causing it to shut, or one of these occurrences happened to a major supplier or provider halting their operations, how long would it take for you to resume trading?
Business Interruption Insurance can help keep your business going by providing cover for lost turnover. But not only that, you can protect your cashflow and be covered for ongoing expenses such as your employee’s wages, supplier invoices, rent and loan repayments.
This insurance can give you the cover you need while you’re repairing or rebuilding and recovering from the event.
Research by the Insurance Council of Australia has found that while 81 per cent of SMEs admitted that an unforeseen business disruption would have a severe impact on their business, only 27 per cent had taken out Business Interruption insurance (source: understandinsurance.com.au).
If you don’t have Business Interruption Insurance, or are concerned you may not have adequate protection, please let us know so we can provide our expertise and ensure you have the peace of mind you deserve.
