Cover your business for loss of income when unexpected events mean you can’t continue with your usual business activities.
When unforeseen events disrupt your operations, the impact on your business can be significant – from lost revenue to damaged customer relationships.
Business interruption insurance helps safeguard your company’s financial stability by covering lost income and operating expenses during periods when normal operations are halted due to an insured event. No matter how well you plan, unexpected disruptions can happen, and this coverage ensures your business can recover and move forward.
What is Business Interruption Insurance?
Accidents and emergencies can happen at any time. If something like a flood, fire, or other unexpected event affects your business and stops you from being able to trade, you’ll be losing out on money. Not only will this affect your profits, but your ability to pay your staff, rent, and any utilities.
That’s where business interruption insurance comes in. It can cover income lost in these events, so you don’t have to worry about making up any lost income.
What Does Business Interruption Insurance Cover?
Here at Wentworth Alexander, we can tailor your business interruption insurance to cover your needs. Here’s what business interruption insurance can cover for you:
Loss Of Income
If you’re not trading due to a fire in a warehouse or storm damage to commercial property, your business is losing vital income. Business interruption insurance can cover this so you can continue to meet your necessary costs to keep running.
Additional Expenses
To continue trading, you may need to incur additional expenses to rent temporary premises or source an alternative supplier quickly to fulfil your commitments. This can come with a significant price tag, which business interruption insurance can help cover.
Civil Authority Ingress/Egress
In the event that the government mandates street closures that affect your business, business interruption insurance can cover you for any loss of profits.
Failure of Utilities
If your business relies on electricity and water supplies, we can cover you in the scenario where there is a power failure or the water has to be turned off.
Our clients include:
Key sectors
Automotive
Woodworking
Chemical
Electrical &
Electronics
Fashion & Footwear
Food & Drink
Plastics
Additive
Manufacturing
Metal
Fabrication
Creative/Digital
Agencies
Software Development
IT Service
Providers
How Business Interruption Insurance Works
Business Interruption insurance is designed to cover for your lost income following an incident that interrupts your trading activities. It aims to put you back in the same trading position you were in before the insured event occurred.
When you take out business interruption insurance with Wentworth Alexander, we work with you to figure out the type of cover you require and help you calculate an adequate sum insured.
Business interruption insurance usually covers businesses for a certain period of time, also known as a maximum indemnity period. This can be tailored to your requirements, and should allow for the period of time it takes to get back to the same trading position you were in before the loss, and not just how long it takes you to begin trading again.
For example, your customers may have to go elsewhere if you’re trading is interrupted for a while and there is no guarantee they will immediately come back when you begin trading again.
Business Interruption Insurance With Wentworth Alexander
Get in touch with Wentworth Alexander today to discuss business interruption insurance for your company. We’ll sit down with you to make sure you find the right cover, tailoring our quote to your needs.
Book a consultation or get a quote today.
Contact us
Get in touch about your insurance
Our team is ready to help you find the right insurance solution. Speak to our specialists today to discuss your insurance needs.
Our team will be happy to help and provide you with the advice you need.
Redlands
Cliftonville
Northampton
NN1 5BE
Business Interruption Insurance FAQs
How Much Does Business Interruption Insurance Cost?
The price of business interruption insurance varies depending on the location of your company, your industry, number of staff you employ, and your turnover. For a bespoke quote, get in touch with Wentworth Alexander today.
When Should I Consider Business Interruption Insurance?
You should consider Business Interruption Insurance if your business relies on physical premises or equipment to operate, or if it depends on a continuous supply chain. It is particularly important if you’re in an industry where downtime can result in significant financial losses.
Consider this insurance if your business could be severely impacted by an unexpected event that halts operations temporarily.
How Long Will I Need Business Interruption Insurance to Protect Me?
The duration of Business Interruption Insurance protection typically depends on the length of time it would take for your business to recover from the disruption. Coverage is generally provided for a set period,, but it can be extended depending on the policy and the specific needs of your business.
You’ll need to evaluate the nature of your business and how long it might take to return to normal operations when determining the appropriate coverage period.
Does Business Interruption Insurance Come With Any Exclusions?
Yes, Business Interruption Insurance may come with certain exclusions. Common exclusions include events like economic downturns, issues related to poor business management, or losses due to fraud. It may also exclude disruptions that aren’t covered by the specific policy terms, such as damage caused by wear and tear or pre-existing conditions. It’s important to thoroughly review your policy to understand the exclusions and ensure your business is properly protected.
Get in touch with Wentworth Alexander today to discuss any exclusions.