Making a Claim Effectively and Other Insurance Tips

Will Your Business Survive If You Can't Open Due to Certain Events?

When you operate a business, you understand that insurance can be essential and can help to protect you against unexpected claims. So, you may have public liability cover in place to prepare for those "trip and fall" accidents and other issues, and you may have professional indemnity insurance just in case you make a mistake. However, what would happen if your business was forced to close for a period of time due to a completely unexpected event? Would you be able to survive, and if not, what should you do now?

Beware of Your Fixed Costs

Most businesses have certain fixed costs that are due and payable no matter what happens. These can include rent, utilities, and the highest cost of all in many situations, salaries and wages. These may be payable whether or not you can open the doors, switch on the lights and service your customers. However, occasionally, you may not be able to do so due to circumstances beyond your control. In this case, you should certainly think about adding business interruption insurance to your suite of insurance products.

Loss of Income and Recovery

When you have business interruption coverage, you may be able to claim for loss of income and even the increased costs of operating your business following a certain insured event. Typically, these events will include incidents, such as a hurricane or major storm, fire, or theft.

Prepared for Anything

Clearly, if days of rain caused a nearby river to burst its banks, you may not be able to get to your premises until the waters recede. This delay could result in lost income, but you may also need to pay some additional costs to fix the damage. The last thing you want at this stage is to worry about your business survival, especially if you do not have any "padding" in your bank account for these unexpected events.

Gain Peace of Mind

Instead, buy peace of mind and get some added security for your organisation by adding business interruption insurance. You'll be able to concentrate on rebuilding your company to where it was before the event and take a lot of the uncertainty out of the equation.

Talk with an Expert

Get in touch with a business insurance specialist to discuss your needs and begin coverage. They'll also ensure that you have adequate coverage in other areas (such as cyber liability). 

For more info about business insurance, contact a local company.