http://www.jelfgroup.com/bi – Most people understand the role of property insurance in protecting against the risks faced by a business. But an area commonly overlooked is the role Business Interruption Insurance has to play. While property insurance may cover the cost of repairing or rebuilding your premises, machinery and stock, it’s all too easy to underestimate the extent of loss of income these events can cause and the affect this can have on your business.
All businesses plan for growth year on year. But no one can predict what might be around the corner. And it’s difficult to say what impact a major incident such as a fire or flood may have on your business.
As a business works to put itself right following an incident, which could take years of incremental improvements. Business Interruption Insurance works with you to ensure your business continues to grow as planned. But your level of cover needs to be adequate. There’s little point using your business’s current size if you plan to grow. You need to look further ahead.
For example, if your business’s turnover is £1m today, as a minimum, your cover needs to be adequate for your predicted position two years down the line – potentially longer depending on your business. And your insurance contract will need to reflect this with a minimum indemnity period of 24 months, potentially longer depending on the specific nature of your business.
That way, if a major incident takes place at the end of year one, you can be confident that you have the right level of cover to put your business back on track
Then, every year, you need book some time to review your level of cover with your broker to ensure it continues to be in line with your predicted growth. As well as checking that your period of indemnity is correct. That way you can ensure your cover stays aligned to your changing business needs.
It’s important that you have the right level of cover in place. We’re here to help.
Jelf Insurance Brokers
Commercial Insurance Specialists
Find out more at: www.jelfgroup.com/bi
Jelf is a trading name of Jelf Insurance Brokers Ltd (Reg No. 0837227), Beaumonts Insurance Brokers Ltd (Reg no 00940512) and Beaumonts (Leeds) Ltd. (Reg no 01691009), which is part of Jelf Group plc (Reg No. 2975376) and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside Court, Bowling Hill, Chipping Sodbury, Bristol BS37 6JX (Registered in England and Wales). Not all products and services offered are regulated by the FCA.