When arranging Business Insurance the usual reaction is to insure the Material Damage, for example against a fire. Material Damage cover is very important and will replace your items (contents) and arrange for your Building to be rebuilt however – what if this process takes 12 -18 months – Possibly longer?
Debris Removal, Planning Applications, Quotes for the work, having to wait for a start date, being rebuilt and then re-opening – Where will your customers go – usually a competitor, Your Quality Staff won’t hang around unpaid they will probably go and work for a competitor, Are you still responsible for your Rent/Mortgage during this time. Business Interruption Cover is a Must and yet it is a cover many choose to go without.
It isn’t the Material Damage Claim that can close a Business it is the Business Interruption that follows it.
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