Owning a business comes with a range of pressures, none of which compare to the financial strains that are brought on as a result of poor cash flow. Business interruption insurance might be the answer — depending on your situation.
During times of financial drought managing outgoings, wages and payments can become quite the juggling act and often will cause a great amount of personal stress… You’ve probably experienced it once or twice in your business journey, right?
Imagine if your business was out of operation for any length of time: what would the financial repercussions of this look like? Do you have enough in reserve to cover your outgoing costs?
It’s also important to think about your staff — do you have enough money to pay them or will they seek employment elsewhere?
If your business is non-operational due to premise damages it is more than likely your business insurance (building and contents) will cover the damages and the costs that are involved to get your assets replaced, repaired and open again; however, content and building insurance will not cover you for any financial losses (from wages, utilities, etc.) incurred as a result of that interruption.
It is at this point that business interruption insurance comes into play.
What is Business Interruption Insurance?
Business interruption insurance can cover you for ongoing staff costs, operational costs and for loss of profit.
If you are a business owner, it’s likely in your best interest to have this form of insurance to give you peace of mind that when the unexpected happens, your business can stay open through financially difficult times and, hopefully, continue to grow long into the future.
Want to protect your business’s ability to make money?
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