We provide a choice of two options: Loss of Income (not available for construction trades) Loss resulting from damage to property being used by you, including failure of public utilities and telecommunications, being the amount by which your income falls short of the income you would have received. Loss of Income will cover you up to a £100,000 limit over a 12-month period including additional expenses incurred to prevent or limit the loss. Increased Cost of Working Increased Cost of Working compensates you for any additional expenses incurred (up to £10,000 over 12 months) to enable you to continue trading following loss or damage.
Any event, whether anticipated (i.e., public service strike) or unanticipated (i.e., blackout) which disrupts the normal course of business operations at a corporate location.
Insurance covering the loss of profits of a business and certain other costs resulting from fire or other insured events. Also known as Consequential Loss.
a policy that protects against the loss of earnings and pays for continuing expenses as a result of an insured peril. There are three basic forms of cover: extra expense (see also "extra expense") loss of earnings loss of profits Note if you are carrying Boiler and Machinery coverage, it too should have Business Interruption as part of it's insuring agreements.
Provides coverage for a loss of INSURANCE earnings in the event that the policyholder's business is shut down by fire, windstorm, explosion, or other insured peril.
Insurance against business expenses and loss of income resulting from fire or other insured peril.
An anticipated or unanticipated event that disrupts or even interrupts business-as-usual.
Indemnifies the Insured for the loss of profits and any continuing fixed expenses. This insurance is written on a variety of different forms which include: Gross Earnings, Loss of Profits, Extra Expense, Contingent Business Interruption, Contingent Extra Expense.
This protects the revenue of your business if its trade is affected as a result of an insured peril occurring, e.g. fire or flood. Insurers will compensate you for the reduction in your revenue from the first day of the loss until such time as your business has returned to pre-loss levels. Insurers normally refer to business interruption as loss of gross profit or gross revenue. This is defined as the revenue of your business less those costs that would immediately cease following the destruction of your premises, such as food, heating and laundry costs. You must also decide, in a worst case scenario, the maximum length of time for your business to return to its pre-loss trading levels. It is important to consider the length of time involved to rebuild the premises, including delays in planning permission, furnish it and then regain custom. Insurers will normally allow you to insure from anywhere between 12 and 36 months. Your sum insured should be increased in line with the indemnity period. If for instance 12 months gross revenue was £300,000 and you required a 24-month indemnity period, you would need to insure for £600,000.
Insurance covering the loss of earnings resulting from the destruction of property; called use and occupancy insurance.