The time taken to recover from an insured event can be one of costly inactivity. This loss can be defrayed with suitable insurance cover.
Business Interruption Insurance typically provides protection against specified events, and is designed to reimburse you for gross income losses arising from inactivity of your business during the period of recovery from a loss.
Most business interruption insurance covers you against losses arising from damage to property and plant. So your property and business interruption cover operates in tandem with the cover for your property and plant. Where practicable, your cover should provide for loss-minimisation measures such as temporary buildings and plant.
Tax Audit, Civil Disruption
While most business interruption relates to property and plant losses for which you also have cover, there are exceptions.
One is the tax audit. Even if you come out of it smelling of roses, a tax audit can seriously disrupt your business, and impose on it exceptional professional and clerical costs that can rival those of moderate property damage! Sydney Insurance can help you defray these costs with tax audit disruption cover.
Another exception is the risk that your business may be interrupted due to actions of the civil authorities, such as exclusion from certain areas due to disaster, forensic investigation or contamination. Even if your operation is unimpaired, police action which prevents your customers reaching you can do just as much damage to your business. Many of these events can be specified as insurable risks.
To be sure you have the best possible cover against interruption to your business operations, give Sydney Insurance Brokers and talk to one of our commercial insurance experts today.