Business Interruption Insurance
Business Interruption Insurance (also known as Business Income Insurance) covers the loss of income that a business suffers after a disaster while its facility/store/venue is being rebuilt. A property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred
This type of insurance coverage is not usually sold as a stand-alone policy, but can be added on to the business' property insurance policy or comprehensive package policy. Since business interruption is included as part of the business' primary policy, it only pays out if the cause of the loss is covered by the overarching policy.
Business Interruption Insurance is quite a complicated insurance which is why business insurance brokers like Melbourne Insurance Brokers can save you a lot of time and money.
Please call us on 03 9686 0688 to discuss Business Interruption Insurance.