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Business insurance exists to protect your business from unlikely, unfortunate events and all the risks that may present themselves in the everyday operations of your business.
Rarely, and hopefully never, your business may be interrupted, or closed for an undetermined period due to any number of issues (cyber hack, structural damage brought on by wild weather or robbery, etc).
It’s circumstances like these that you need to think about getting business interruption insurance.
Want to know more about business interruption insurance?
Read more from your Gold Coast business insurance brokers at Crest, to find out.
Defining business interruption insurance
Let’s say your business was affected by fire, flood or storms. Or perhaps, one of your crucial suppliers was affected. With the climate in Australia, this does happen and is happening, more often than you would like to think.
These events will leave many an employer and employee stressed, concerned and wondering – how long would it take for the business to get up and running again.
How much revenue will you lose along the way?
Let’s look at a snapshot of business interruptions and why your business should get this level of insurance:
- In 2016, it’s estimated that natural disasters cost Australia $11 billion on average each year. By 2050, that figure is estimated to be an even greater $39 billion.
- Extreme weather events and natural disasters are the two greatest risks to businesses across the globe according to the World Economic Forum.
- While businesses often get their buildings insured for fire, theft, storms and the like, many of these businesses forget the importance of insuring for the business interruption that will result because of the above listed events.
A Gold Coast insurance broker will advise, help you understand and recommend the best business cover for you out of our extensive product range.
What’s included in business interruption insurance?
The Gold Coast Insurance Brokers at Crest have compiled what can be covered.
Let’s explore below:
- Loss of income and revenue during the period of your business’ inability to operate
- Fixed costs – such as operating expenses and other costs incurred by the property (based upon historical cost calculations)
- Temporary location costs – the costs involved in moving the business to and operating from a temporary location
- Civil authority ingress/egress – which includes Government-mandated closure of your business premises that directly cause loss of revenue (think street closures).
Be mindful of what’s not always included like exclusions, excess needed to pay, liability limits. As such, business interruption is subject to the same exclusions as those in the policy that covers buildings, stocks and contents.
Peace of mind with a Gold Coast Insurance Broker
The team at Crest Insurance are dedicated to help you understand and gain the best business insurance package(s) to suit your tailored business needs.
We utilise our highly knowledgeable and experienced team to provide peace of mind by insuring business owners throughout the Gold Coast region.
We know business. We mean business. We are here to help you exceed in your own business and enjoy the peace of mind of business insurance.
Need business insurance?
Contact Crest Insurance today to find the best Gold Coast business insurance package for you.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.
