Business Interruption

SERVICES / Business Interruption

Making Sure You're Covered in Times of Need

Imagine the impact on your business if a fire were to damage your store or a natural disaster were to disrupt your operations. How long could your business survive without income?

Business interruption insurance provides coverage for financial losses and necessary expenses when your business is unable to operate due to physical damage.

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WHAT IS BUSINESS INTERRUPTION INSURANCE?

Business interruption is a situation where your business is forced to close or is unable to operate normally due to various factors. The importance of business continuity can’t be overstated, as it ensures that your business can continue its operations smoothly and without major disruptions.

Common causes of business interruptions include physical damage to your business property, such as fire or natural disasters, which can lead to a temporary closure. Without proper insurance coverage, the financial impact of a business interruption can be devastating.

Business interruption insurance provides protection by covering operating expenses and lost income during closure, allowing you to meet your obligations, pay bills and staff, and maintain financial stability. It’s essential for every business to have this type of insurance to safeguard against unexpected disruptions.

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ADDITIONAL INSURANCE COVERAGE

Business Interruption Insurance covers a wide range of aspects to ensure financial stability during closure. When your business experiences an interruption, this insurance can be a lifeline.

Lost Revenue

It covers the income you’d have earned during the closure, helping you stay afloat.

Operating Expenses

It also reimburses your operating expenses, such as rent, utilities, and payroll, so you can meet your obligations even when your business isn’t operational.

Day-to-day Expenses

It is important to remember that there are basic expenses in running a business that needs to be covered such as office supplies, buying inventory, travel expenses, telephone and internet charges etc. 

In the unfortunate event of a closure, this insurance can be the difference between staying in business and going under. To calculate your business interruption losses, you’ll need to gather financial records and determine the income you’d have earned during the closure period. This information is crucial in filing business interruption claims and receiving the compensation you deserve.

THE BENEFIT OF HAVING BUSINESS INSURANCE

BUSINESS INSURANCE PROVIDES PEACE OF MIND

With business insurance, you can rest easy knowing that your business is protected from unforeseen events leading to loss or damage to your business property and any consequential financial loss.

BUSINESS INSURANCE HELPS COPE WITH UNEXPECTED EVENTS

Business insurance helps you cope with the unexpected that comes with running a business. Knowing that you are protected if something goes wrong gives you the freedom to focus on growing your business instead of worrying about potential disasters.

BUSINESS INSURANCE PROTECTS YOUR CUSTOMERS AND EMPLOYEES

Business insurance assists business owners who may be forced to suspend their operations in the event of a claim, leaving their customers and employees high and dry. Business insurance can ensure that your customers and employees have peace of mind that your operation will continue uninterrupted during an unforeseen event and are protected from the risks you face as a business owner.

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WHY CHOOSE WESTSIDE FOR YOUR BUSINESS INSURANCE

Westside Insurance Specialists provides professional, responsive and personalised insurance services. Our specialist insurance advisers work with you to define your risk exposures and appetite, design a robust insurance program and deliver cost-effective insurance solutions meeting the specific objectives of your business.

You can rely on our extensive experience to secure the right insurance products, allowing you to focus on core business activities and implement strategies to achieve operational growth targets. Contact us here for a quote.

A people-focused business manager, Michael places a high level of importance on creating long-term relationships of value and trust. Spearheading Westside Insurance Specialists for almost 10 years, and in the insurance industry for almost two decades, Michael is well credentialed to provide stellar insurance solutions for his client base.

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