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 Money
Page > Business
Services > Insurance - UK Guide
 About
this type of cover
No matter how well we think we
have out business covered, you can never account for all
unforeseen circumstances. One event, such as vandalism or
flooding, could mean that you are unable to operate your
business for days or even weeks. This could result in
substantial financial losses for you and your business.
Business interruption insurance provide valuable cover in the
event of unforeseen circumstances that could result in the
inability of your business to trade and earn as normal. So,
whatever happens, you can be sure that you cut the risk and
extent of financial consequences.
Summary
of Cover
The features provided with business
interruption insurance will be dependant on the level of cover
that you take out as well as on the size, type, and earnings
of your business. In general indemnity insurance covers you
for operational losses resulting from vandalism, theft,
natural disaster, sudden incapacity, road works, and IT
failure. It is important to check the features of any business
interruption insurance policy before you commit, as it is
vital that you have the appropriate level of cover to meet the
needs of your business.
Optional Extras
As
with other types of insurance cover, there are a number of
optional extras available with business interruption insurance
cover. These include:
Increased cover: Most standard policies
will only provide cover for a relatively small period of time.
However, you can look into taking out a policy that covers you
for a longer period for an additional period.
Additional
Information
It is imperative that you check any
business interruption insurance policy before making a
commitment to ensure that it provides the levels of cover that
you require for your business. Policies can differ from one
insurer to another, and it is advisable to compare both
premiums and features before making a decision. The claims
procedure can also vary from one insurer to another. This will
depend upon the insurer's own regulations and you should
ensure that you are familiar with the claims procedure.
Free
Extras to Look Out For
There is no guarantee that
you will receive any free extras with your business
interruption insurance cover, but some insurers do offer
extra, particularly with higher levels of cover. You should
check with the insurer with regards to any additional extras
they can provide, and because competition is fierce in the
insurance field you may find some excellent deals with a range
of free benefits.
Saving
Money on your Cover
If you want to save even more
money on your business interruption insurance cover there are
some steps you can take to cut costs. These include:
Shop around as the cost of cover and the
benefits of cover can vary from insurer to insurer, so it is
important to compare the various deals on offer.
Go online as the Internet is often home
to some of the cheapest business interruption insurance deals
around, and you can also enjoy far more choice. Some insurers
offer additional discounts to online customers.
Increase the amount of excess on your
policy: The higher the excess on your policy (the sum
you have to pay from your own pocket in the event of a claim)
the lower your premiums are likely to be. However, before you
make your decision you should see whether it makes a
significant difference to the cost of the policy, as you
should remember that the amount of the excess will have to
come from your pocket should a claim be made. If the claim
made is for a sum that is lower than the amount of the excess
on your policy, you would have to pay the whole amount of the
claim from your own pocket.
Further
Information
You can obtain further information
with regards to quality insurance cover from the Association
of British Insurers at the link below: http://www.abi.org.uk/
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