What do you do if your normal business services are interrupted by a massive event that is unexpected and therefore cannot be planned for – such as floods, storms or heaven forbid, a fire occur. This will result in the temporary stoppage of your operation or the use of your premises. Business interruption cover will help put your business back to the position it was before such a catastrophic event – it provides compensation in financial terms to cover damage to property or equipment. The pause in the running of your business due to an infectious disease, to use Covid-19 for example, can also be covered by such interruption insurance. However, this is the sort of situation that needs very careful checking of the policy wording to know exactly what you are protected against. It is no good assuming cover is in place, the wording here is the key. That is the same for personal travel insurance policies – some offer automatic covid cover but others waffle around the subject and you need to be very specific about what you are asking to cover. The best way for a business to ensure they have adequate cover for all evenutalities but without spending money for the sake of it is to investigate a combined commercial insurance – a broker who specialises in insurance for businesses can often work out a good deal. Of course, if you belong to a federation or business advice association, this may well be offered as pasrt of your subscription.
