Business Interruption Insurance
Unexpected losses, extreme weather events and accidents can make it difficult to keep your business running.
That’s why it’s important to have business interruption insurance so you can recover after an unexpected loss and to continue to meet your financial obligations.
If an insurable event brings your business operations to a standstill, Business Interruption Insurance can provide critical business continuity cover including:
- Loss of insurable gross profit
- Fixed expenses such as staff wages and loan repayments
- Additional expenses, such as the cost of leasing temporary premises
- Professional assistance to quantify your loss
It’s important to set an appropriate indemnity period. Following an insurable event, the indemnity period is the maximum length of time (typically 12 to 36 months) cover is provided by the insurance provider.
A separate Business Assets or Material Damage policy is required to cover your business assets and must be triggered first to initiate a Business Interruption claim.
Increases in commercial property insurance premiums are affecting many New Zealand business owners.
There are other business insurance solutions to help reduce your risk. Here are some examples.
Gross Profit Insurance — can cover you for profit lost or increased costs of working if an insurable event occurs.
Advanced Loss of Profits Insurance — can cover you for financial losses you incur as a result of a delay caused by an insurable event.
Machinery Breakdown Insurance – can cover you for profits lost if your machinery breaks down — (outside of normal wear and tear).
We know getting the right insurance for your business can be difficult.
