Business Interruption(BI) Insurance
Business interruption insurance protects against lost income after a covered peril affects a business.
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Do you need BI insurance?
Business interruption (BI) insurance, also called business income insurance, helps small businesses protect against monetary losses due to periods of suspended operations when a covered event, such as a fire, occurs and causes physical property damage
Global's BI insurance coverage
Here at Global, we provide the following BI policy cover:
- Business interruption insurance is sometimes known as consequential loss or loss of profit. Policies like fire, engineering, “All Risks” deal with the value of the property damaged or destroyed, but not with the losses caused by reduced sales and continued expenditure during the repair period and thereafter.
- Therefore, business Interruption Insurance exists to meet demand for protection in the event of some incident happening which disrupts the operation of the business causing a loss of income and continued expenditure of some unavoidable costs while the business was not operational.
- When a property is destroyed or damaged the owner of the property insured will be indemnified by the payment of a sum of money which would enable them to repair or replace what is lost, damaged or destroyed. It is not, however, the full extent of their loss.
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