Business Interruption Insurance (also known as Loss of Profits) will pay for your lost income should your business, club or association be interrupted by a claim. For example if your club suffers a claim for fire or burglary your income will drop or even stop. A good business interruption policy will replace your lost income until your club has recovered and is able to continue at the same income levels it would have been at before the incident.
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Business interruption insurance will help your business survive. This could involve renting alternative premises and equipment, sourcing stock, paying staff and communicating with customers.
Extensions to a business interruption policy can also cover interruption to your income from less obvious causes that could be critical to your club, including:
Disruption of utilities - gas, electric, water, telecoms, drainage
Damage at a suppliers premises
Damage at a customers premises
Denial or prevention of access to your premises
Disruption caused by infectious disease
Disruption caused by death or suicide
Loss of attraction
Business interruption insurance can also pay additional costs if they are required to keep your business trading.
If your business is reliant on computers or specialist machinery you may want to consider specialist computer or engineering business interruption insurance. If you are a landlord you may want to insure your rental income.
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If you would like to discuss business interruption insurance for your club or association please send us an email or call 01905 612336.