How can I protect my business from loss of earnings after serious material damage?

How can I protect my business from loss of earnings after serious material damage?

When you run a business, you constantly incur risks: that applies to the business itself as well. What if unforeseen circumstances should materialise? For instance, could you continue to supply your customers if your company suffered serious damage? Or who would pay your overheads if your income flow dried up after a serious fire? And what about your staff: how long will they be laid off for?

Don't just insure your people, insure your company as well

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Business people first think about their staff when it comes to insurance. And that's no bad thing, except that you mustn't forget that your company also runs a number of risks.

Past experience tells us that around half of companies that don't have business interruption insurance won't survive an incident causing serious material damage. Within 36 months, many of them are filing for bankruptcy. Avoid it happening to you, with business interruption insurance.

What is business interruption insurance?

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Business interruption insurance will compensate you for all kinds of material damage. It will stabilise your company's financial situation as if the insured incident had not occurred. The cover is incorporated into your company's property insurance.

Business interruption insurance is not just a guarantee of your company's continued existence in the event of serious material damage but is just as much an important lever for ensuring fast, full claim settlement and a restart for your business.

That's why business interruption insurance is also called 'corporate life assurance'. If both material and business interruption cover are with the same insurer, they have every interest in settling as fast and efficiently as possible in order to mitigate the loss of turnover.

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