Can you imagine a scenario where a business is hit by a fire, flood or other event and is out of action for several weeks, but regular costs such as payroll, rent, and loan repayments continue to mount up?
If this type of situation happened to you, could you keep your business going, or would you have to shut the doors forever?
Business interruption insurance provides cover for losses of this type due to insured events. It may cover the revenue you would normally be earning during the recovery period, ongoing expenses such as payroll and rent, and even additional costs such as the need to temporarily rent alternative premises.
If you don’t have the resources to carry you through such a scenario, then make sure you have sufficient business interruption insurance. Interruption cover could make all the difference between staying afloat and moving forward, and permanently closing your doors due to excess losses.