It is widely considered crucial to almost any business’ survival when they suffer a substantial loss, regardless of your industry or size of operations. According to an article in Insurance and Risk, CGU research has learnt that of almost 500 companies, one in four would not survive if they had to close their operations for three months, while Vero’s research has shown that around half of businesses that suffer a total loss do not resume trading and nearly one third fail within three years when there is a lack of adequate business interruption cover. I Allan Manning, a insurance industry leader, has likened it to a personal accident policy for a company. It essentially “protects the company’s income stream, allowing owners and managers to continue paying their expenses, repay debts, meet any new costs associated with the disruption to their business, and main their normal net operating profit before tax”.
At East West Insurance Brokers we have a specialised business insurance team who would be more than happy to provide you with information or a quote to assist you in protecting your business from insurable risks.
Watch a short video to learn more: NIBA Business Interruption Video