Business Interruption Insurance
- Pure Business Law
- Apr 21, 2020
- 1 min read
Updated: Apr 24, 2020
As part of your business continuity review you should check your insurance policies to see whether you have some insurance to cover losses arising from certain types of business interruption (eg BI insurance) or the death or incapacity of key personnel (eg keyman insurance).
Many BI insurance policies do not generally cover disruption caused by pandemic crisis or interruption. If you do not have any insurance cover for the pandemic and cannot rely on any of the other force majeure events be proactive and ensure that you take out pandemic cover when renewing your policy. Your premium may increase but the gains from obtaining this insurance will cover any premium increases.
Specialist Business and Commercial Solicitors
If you require advice on the current Coronavirus situation and how this will impact you and your business, please contact us. We are specialist Business and Commercial Solicitors based in Bedford and operate nationally.
If you would like to talk through the consequences for you, call our Coronavirus Helpline on 01234 938089 or e-mail us at enquiries@purebusinesslaw.co.uk and one of our Helpline team member will be in touch.
Pure Business Law is regulated by the Solicitors Regulation Authority and is a licensed member of the Law Society of England & Wales.
Business interruption insurance is something many businesses overlook until they actually need it. Having the right coverage can make a huge difference in recovering from unexpected disruptions. Alongside solid insurance protection, investing in digital growth through a ppc agency dublin can help businesses attract new customers and rebuild revenue more quickly. Thanks for sharing such an informative article.
Business interruption insurance is an important consideration for businesses that want to stay financially protected during unexpected disruptions. Having the right coverage can help manage risks, maintain operations, and recover more smoothly after unforeseen events. For more insights on business, finance, and local topics, you can also explore https://theirishinsider.ie/
Running a business is a whirlwind, and protecting your income is just as critical as managing your daily operations. Business interruption insurance is a lifesaver when disaster strikes, covering your lost revenue and fixed costs if your premises become unusable. It’s the ultimate safety net for unexpected downtime. While you're reviewing your coverage, don't forget to look at your fleet expenses too. Just like with property insurance, keeping your commercial auto insurance cost in check requires regular evaluation of your risks. Balancing both ensures your business stays resilient, no matter what surprises come your way!
We had no income for 3 weeks due to a pipe burst. Business interruption insurance covered rent and payroll!