Have you heard of Business Interruption Insurance? It’s essential business cover that helps your business stay open if you can’t trade.
Speak to any business owner and they’ll tell you one of their biggest issues is cash flow. Getting payment on time, managing outgoings and having enough cash in the bank to pay wages and other expenses can be a juggling act.
Imagine how difficult managing cash flow would be if your business couldn’t operate for any length of time. Would you have enough cash in reserve to cover your outgoings? Can you pay your staff so they don’t get another job? If so, how long? One month, maybe two?
If your business premises are damaged it’s likely your contents and building insurance will cover the cost to get the business up and running again, but it doesn’t cover the cash you’d miss out on if you were trading as normal.
That’s where Business Interruption Insurance comes in.
Business Interruption can cover you for loss of profit, ongoing staff costs and additional operating costs (e.g. temporarily relocating to another premises).
The benefits of including Business Interruption Insurance in your plan are;
- Keeps your business open – you’ll have access to cash flow maintain your outgoing expenses (e.g. Monthly Phone Bill, Operating Costs etc).
- Buys you time – you can breathe a little knowing loss of income won’t affect your life and those who depend on you.
- Retain your staff –good staff are hard to find. You can afford to pay your staff while they are not working and avoid the cost and hassle of finding replacement staff when you’re back open.
Business Interruption Insurance is essential for most businesses. Contact your insurance broker to include this valuable cover for your business.