Business Interruption Insurance

Understanding Business Interruption insurance

Protect your businesses gross profit or revenue in the event of disasters

If you’re a business owner, the thought of a disaster striking is sure to be your worst nightmare – in the blink of an eye, a catastrophe can take you from a thriving business at the heart of your community to a company in disarray, struggling to find ways to operate following the recent events. The obvious way to do this is through insurance, specifically, a business interruption policy, which will act as a safety net should anything happen that’s going to prevent you from being able to function. There are lots of different types of policy available for businesses to use, however, if it’s disaster response that you’re looking for, there’s few that perform as well as business interruption coverage. Unlike with cover that’s designed to protect your business in the event of physical damage, but with a Business Interruption policy, you’ll be covered in the case of many other instances too, such as the closure of premises, denial of access to the business premises, or in cases of other disruption.

If you’re interested in learning more about these policy types and the benefits that they can have for your business in instances of financial losses and strict restrictions, keep on reading!

What This Insurance Policy Can Cover – Meeting Business Requirements

For many, the part they fear the most when disaster strikes their business is the uncertainty – companies are often left in a state of worry whilst waiting for a decision regarding their insurance claim, which can limit their productivity in the meantime. Across the country, businesses in every sector have had to work with odds that are seemingly never in their favour due to the enforced lockdowns which limit their ability to trade as they would like. This is particularly true for physical stores, where minimising contact can be very difficult. As in any case, preparation is the best medicine, so it’s important to know exactly what your policy is going to cover, so you know which situations you’re secured against and which can still cause you a headache down the line should they occur.

Here at The Insurance Octopus, we understand that no two businesses are the same and that each sector requires insurance policies that are tailored to be relevant to their requirements; this is why we strive to offer a specialised insurance approach to each of our customers. When you’re making an application with us, we’ll take a look at your company, your operations, and the work out what matters most to you – this way, we’re able to source the best insurance policy possible to suit your needs. Whether you need to protect your contents, your people, or your property, we do the hard work for you and an choose plans for your business. What’s more, the policy wordings are clear and simple, so you’re never left wondering what your package actually entails; it’s all right there in front of you. However, should have any queries our team of insurance specialists will be on hand to help you through the process, from sourcing a plan to assisting you in the claims rulings. One thing is for sure, you’ll never feel like you’ve got any contractual uncertainty through The Insurance Octopus.

Why Choose The Insurance Octopus to Find Your Insurance Policy

We know that business owners want to avoid business closures, and they certainly don’t want to have to deal with any of the legal issues that often arise with insurance policies, which is why we look to take all of the stress out of the situation by doing the hard work ourselves. If you find yourself in a mandatory closure or partial closure, simply get in touch with a member of our team, explain the circumstances, and we’ll get the ball rolling with the claims process. The sooner you’re able to get in touch with us, the more likely you are to encounter any business income loss and a result of property damage or disruptions for businesses. Once we know what the circumstances are, we can move ahead with proceedings and look to learn more details about the challenges for businesses – this enables us to put forward the strongest claim, avoiding the tedious appeals process in many instances. Context is incredibly important for an insurance claim, so be sure to give us as much information as you can when filing the documents for your claim. You’ll also want to ensure that you inform us of the full extent to which the situation is impacting you, as this again is another vital factor.