Assessing business interruption insurance requirements

Imagine the devastation a fire or flood would cause your business. Over the past few years, we’ve witnessed the trauma homeowners have faced due to severe weather conditions. Whilst the media focused on personal losses, little has been made of the implications for businesses. Recovering from these disasters take its toll both financially and emotionally.

Business Continuity Planning

Having a business continuity plan helps with the practical aspects of getting your business back on its feet as quickly as possible. Evaluating the impact on your ability to trade in advance of a disaster is vital.

Assessing the correct sums assured and indemnity period is no easy matter. The sums assured relate not to the cost of rebuilding a facility or replacing equipment, but rather the loss in revenue for the period it takes to re-establish the business. Be wary when seeking business interruption insurance as a standard, online quote which gathers limited information about your specific business assets and operations may be insufficient to adequately cover your needs. With years of experience providing business insurance, the team at Bromwall will take time to gather the full picture regarding your circumstance so that in the unlikely event of a claim, your business is protected.

We all like to be optimistic when it comes to time scales, but in this situation, it’s best to err on the side of caution when it comes to setting the indemnity period. This is particularly important if your business is reliant on repairs which are the responsibility of others – such as landlords.

Business interruption insurance is particularly complex and requires specialist knowledge of the area. For example, the definition of gross profit is not the same as an accountant’s definition. We are always careful to check the precise definition in the different policies.

As a broker, we’ll also discuss with you the different extensions to business interruption insurance that may be relevant to your business. These might include any additional costs of working the business may incur post the claim, the loss of rental income, the costs of utilities failing, etc.

None of us likes to consider the worst but when the livelihoods of your family and the families of your employees are put at risk, it pays to seek expert advice.

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