What is Business Interruption Insurance?
Business interruption insurance (aka Loss of Profits) will pay for your lost income should a claim disrupt it.
For example, if your business suffers a claim for fire or burglary, your income will drop or even stop: a good business interruption policy will replace your lost income until your business has recovered and can trade at the same levels it would have been before the claim.
Extensions to a business interruption policy can also cover interruption to your income from less obvious causes that could be critical to your business, including:
- Disruption of utilities
- Damage at a customer’s premises
- Disruption caused by death
- Damage at a supplier’s premises
- Extreme weather
- Denial or prevention of access to your premises
Without business interruption insurance, you might be able to repair or replace damaged buildings, equipment or stock. Still, you cannot replace your lost income, customers or staff. Business interruption insurance will help your business survive. This could involve renting alternative premises and equipment, sourcing stock, paying overtime and communicating with customers.
Most business interruption cover is purchased as part of a commercial package or combined policy.
If your business relies on data, computers or specialist machinery, you may consider specialist cyber, computer or engineering insurance. Similarly, you may want to insure your rental income if you are a landlord. If you organise events, then cancellation insurance may be helpful.
What insurance do I need to consider?
Every club, organisation, and race is unique, so no ‘one size fits all’ insurance plan or solution exists. Aside from business interruption insurance, there are some other recommended insurance options for your club, such as:
Public Liability
Personal Accident
Cyber Insurance
Legal Expenses
Kit & equipment
Employers Liability
Event Cancellation
Sports travel insurance
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Interested in Mann Broadbent’s Business Interruption Insurance?
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