There is much more to protecting your business than simply insuring its physical assets. With the seemingly increase news of floods, fires and storms causing damage to businesses, business interruption insurance provides protection when you need it most.
Your basic business insurance might cover your physical assets in the event of damage (desks, computers, printers), but have you thought about how your profits will be affected if your business is out of action as a result of the damage? What happens to your income in the event of a disaster and your business is forced to close for days or weeks? Your turnover will have suffered but you’ll probably still have the same fixed costs like rent, wages and suppliers that don’t stop even if you’re unable to trade.
Business Interruption insurance is basically talking about the money or income you may lose when your business is, for some reason, interrupted and unable to operate.
Now is the time to be proactive and control the parts of your business that you can, including having the right insurance cover to protect your business from loss and interruption.