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A guide to business interruption insurance

An important aspect of running a business is maintaining a steady income, of course this isn’t always possible if the business is interrupted. Business interruption insurance is designed to provide cover if the business suffers a disaster of disruption.

This guide will describe the details of business interruption coverage and help you find the best deals.

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What is business interruption insurance?

This form of cover could also be described as business income insurance and is designed to protect your business if normal trading is interrupted. Business interruption claims can happen out of the blue and if you are ever forced to close, you will be relieved to have the insurance in place.

Business interruption insurance is designed to provide owners with an income for the period the business is closed. Unlike other types of business insurance, the cover doesn’t extend to the physical building or contents. Instead, the insurance will return the business to the same financial position, if no disruption had occurred.

This means that alongside business income, ongoing expenses will also be covered, such as utility bills. In addition, it is possible to arrange business interruption insurance extensions which provide cover for any additional expenses incurred. Other features to include in your policy could be the cost of relocating to a temporary location and the costs of staff training.

Benefits of our business interruption insurance comparison

Up to £10 million worth of cover

You can get up to £10 million worth of public liability cover for all members of the public that interact with your business.

Protects your business against liability claims

Covers your business against legal fees, expenses, and compensation claims made against your business. This protects against injury or damage to people's property.

Available for all types of SME business

From an initial analysis to managing your account, we’ll always be on hand to offer help.

Protect your excess

In the event of a claim, you normally need to pay an excess before the insurer will reimburse you. For a small cost, this cover will reimburse you for your policy excess if you need to claim.

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What level of business interruption coverage do I require?

It is common sense for your business to protect its income against potential disasters. Rather than thinking about whether you require business interruption insurance, you should simply decide how much cover you require. The ideal policy will cover your business for more than a few days, as depending on the severity it could take much longer for business to return to normal.

Before taking out insurance you will need to complete a business interruption calculation, which will help you decide how much cover you require. Your business interruption insurance calculation should show you how much income you would lose, if your business closes for a period. This potentially extends to profits which the business would have made, if it was not affected by the incident.

Think about how long your business will need to close for should a disaster occur, and any expenses incurred to reopen. For example, think about the impact of a flood, fire or breakdown of essential equipment would have on your business. If you make a claim, the insurer may appoint a forensic accountant which will accurately calculate how much you should be compensated. To ensure you are compensated for the right amount, you should take out the appropriate level of cover.

How much does business interruption insurance cost?

Loss of business income insurance varies considerably in price between businesses. The premium will be largely based on the potential compensation you may require, larger amounts are likely to cost more. However, it is possible to compare deals from a range of leading insurers to find the best cover and price.

Asking for prices from a range of insurers can be time-consuming, but through our website it is possible to compare prices in one single place. Once you enter your details into our online form our team will arrange quotes with our panel of trusted insurers. You will then be able to compare like-for-like quotes, to find the cheapest premium with the most comprehensive policy.

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What happens next?

Once you find the best deal for your business interruption insurance, you will be able to purchase the policy through our trusted partner. Choose to pay upfront or across monthly in which are designed to be more manageable for your business.

To find out more about business interruption insurance or other forms of insurance, please contact our team today.

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