Business Interruption (BI) insurance covers you for loss of income during periods when you cannot carry out business as usual due to an unexpected event. It aims to put your business back in the same trading position it was in before the event occurred. BI cover is often sold as an addition to you Buildings cover. Please seek advice from your insurance broker to make sure BI cover is appropriate for your business.
It is always a good idea to work closely with your Insurance Broker to determine if you have the correct range of insurances in place for your business and then determine if your sums insured are correct. Be very careful not to under insure as if you make a claim your insurer could ‘average’ your pay out. For example if your office contents were under insured by 50% and you claimed the insurer would pay 50% of the claim, rather than 100%.
Keyman insurance is widely available from most insurers and is essentially a Life Insurance / Critical Illness policy taken out by your business on the life of key staff members. The purpose of the policy is to give the business sufficient funds to replace key members of staff if they die or become terminally ill.
This will depend on the size of claim, circumstances and the insurer. For material claims the insurer will typically appoint a Loss Adjuster to visit your premises and assess/authorise your claim. Remember you have a duty as ‘the insured’ to Mitigate the loss. Put simply you must act quickly to minimise the loss/claim on the insurer ie. you may have to pay a plumber to find and repair the leak ahead of the insurer agreeing to reimburse his costs as a part of the property claim.
In theory making an insurance claim should be simple, however as the size of the claim and its complexity increase you do need to remember that the Insurer will legitimately try to decrease the size of the claim and the Insured will want to maximise the size of the claim – an adversarial relationship. Also remember the insurers Loss Adjuster is appointed by the insurer so you may wish to appoint your own to act for you. If you would like an introduction to one of our panel of independent Loss Adjusters please Contact Us
You will need to check with your broker or read your Insurance Policy documents to be sure. Unless you have specifically added Cyber Insurance to your policy wording it is unlikely that you will have this specialist cover in place.