More than 50% of small business owners haven't planned for business interruption
As a business owner, you are your own risk manager. Your primary responsibility to your business is to stay open and running no matter what life throws at you. Take a moment to consider what your business would need in order to stay open should you have an unexpected event that interrupts your normal operations. That's where business interruption insurance comes in.
Business Interruption Insurance: do the "what if..." test
Business interruption is one of the risks business owners may have a tendency to overlook if they think ‘it will never happen to me’.
What if a fire in your café destroyed your kitchen and you had to close for 2 months while repairs were made. Could your business survive? A standard business insurance package policy could cover the cost to repair the kitchen, while business interruption insurance cover could reimburse you for any lost income while your doors were closed.
Many businesses that incur a major loss are unable to resume trading because they don't have business interruption insurance to make up for lost business income while their business is being restored. Some businesses may remain open for some time but under duress, they lose customers and sales due to their inability to provide the same service they had prior to the claim.
If you're a business that uses technology for everything from e-commerce through to point of sale, Cyber Insurance is worth considering. Cybercrime is growing at an increasing rate in Australia and there are aspects of cyber that are not covered by standard business interruption insurance.
Need more information? Happy to help.
Speak to one of our friendly team to discuss a tailored solution, call us on 1800 240 432 to speak to one of our business interruption insurance specialists.