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Business Interruption or Consequential Loss
Business interruption (BI) Insurance covering the reduction in the gross profit or revenue as a result of a shortage in turnover due to physical loss/damages resulting from fire or other allied perils.
The business interruption policy achieves this by:
- Continuing to pay part of the ongoing costs and expenses which cannot be paid out of reduced income
- Making up the shortfall in net profit
- Paying for extra cost incurred in order to prevent or reduce the loss in income such as
- overtime payments
- the cost of provisional repairs
- installation of temporary machinery
- the cost of sub-contracting work
- the cost of alternative premises