As a Business Owner you work hard making sure your business is running smoothly and profitably.
You also take all the necessary steps to protect the business by taking out insurance to cover its Equipment, Assets and Liabilities.
But what happens when an event outside your control impacts the running and trading of your business e.g. bursting of a street water mains which renders the whole area unapproachable or sealed off.
You’ve lost income or revenue!
You still have to pay bills and keep cashflow going.
This is where Business Interruption insurance comes into play.
Simply put, it will replace the loss of revenue or gross profit the business would have received for the period it could not trade.
The important point here is to calculate 1. The correct amount of cover and 2. The right period.
Example: a big restaurateur client of ours had lost just 2 days trading (weekend) resulting in loss of revenue of over £30,000. This is not an insignificant amount.
Imagine if this had been over a week or more. It could have been catastrophic!
Don’t fall foul or neglect this very important aspect of your business insurance. It could be the difference between survival and closure.
We’re here to help, so if you require advice or guidance on any aspect of Business Insurance, please Call 0207 731 3700 or drop us an email.
