Business income (BI) protection insurance looks at the level your business was trading at before an event that forces closure (such as a flood or bush fire) and can cover the resultant financial gap.
5 ways business income can protect your enterprise
Following an enforced closure, business income protection cover can
- keep paying your bills
- pay your rent, leases for equipment and vehicles
- pay wages for your employees so that they continue receiving a paycheck while your business recovers
- help you to relocate to a new premises
- expedite moving equipment or hiring power generators to keep you going.
Many business that do not take out business interruption insurance may struggle to stay in business due to losing customers while they were recovering from the loss or they get behind in paying their bills while their business is unable to perform to its normal capacity. Industry research indicates that without BI insurance the survival rate for affected enterprises is less than 1 in 10.
So for businesses of any type, while this is not the only answer to managing the range of risks you face, business income protection insurance is a key part of your essential protection.
We're here to help
As your insurance broker, we can help to mitigate your risks and minimise what can be a significant financial impact on your business, should the unexpected happen.
If you would like to know more or discuss this further please contact one of our experts. We look forward to assisting you.