Keep your business running
Business Interruption insurance is cover that replaces revenue lost if a business suffers direct physical loss and is forced to close its doors due to a fire or a natural disaster.
However it is important to note that business interruption insurance does not reimburse policy holders if the business is closed due to pandemics, viruses or other diseases such as Covid19***
Business Interruption cover is usually added onto a comprehensive business policy and cannot be taken out as a separate policy.
The policy would assist you with the following while you recover, rebuild and get your business up and running:
- Reimbursement for loss of profits
- Relocation costs for moving to, and operating from, a temporary location
- Operating expenses such as electricity and rent
- Employee wages
- Loan payments
- Taxes, Rates and Charges
There are often exclusions, deductibles and limits which apply, so contact an Avoca Insurance Broker to discuss your specific insurance needs.
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Frequently Asked Questions
An indemnity period is an agreed amount of time during which an insured can receive repayments from an insurance policy.
Typically, a business interruption claim is only covered if it is the result of covered physical loss or damage to property. The details of your policy will outline the specific events that sparks your business interruption coverage.
IMPORTANT It is crucial to act swiftly when reporting business interruptions. Take into account the significance of not only submitting a timely claim but also providing immediate supporting evidence to validate your claim promptly.
