What is Business Interruption Insurance?

Business Interruption (also known as Business Income Insurance) is a form of insurance is designed to financially protect your business for loss of profit or increased costs of operating due to physical damage or property loss due to a catastrophic event or natural disasters such as floods and bushfires.

What does Business Interruption Insurance cover?

The business interruption insurance safeguards the future of your business from interruption to your cash flow. It helps your business continue operating, meet its obligations, and, most importantly, protect your capacity to continue making money while recovering and rebuilding.

The insurance is designed to help cover the ongoing expenses and operating cost of your business, some components including:

  • Loss of profit from any sales you would have made while not operating
  • Operating expenses
  • Cash flow
  • Employees’ wages
  • Rent
  • Electricity
  • Suppliers
  • Loan repayments
  • Relocation
  • Replacement of machinery

In some cases, the insurance also covers indirect events that impact the property rather than the insured’s own such as damage to surrounding properties, roads, bridges, or railways.

Working with an Insurance Broker and Risk Adviser will protect your business and ensure you have the right insurance cover in place.

Austbrokers can offer you trusted insurance advice to all your insurance needs, guidance, and long term support. Find out how Austbrokers can help you today!

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