Need business interruption insurance? Crefin & Partners: your expert insurance advisor helps you insure your revenue.
Does your business come to a temporary standstill due to, for example, fire, water damage, or a burglary? In that case, fixed costs often continue to accrue, while income disappears. With business interruption insurance, you prevent your company from getting into financial trouble as a result. At Crefin & Partners, we help entrepreneurs find suitable business interruption insurance. Feel free to schedule a free, no-obligation consultation and discover how you can effectively protect your business against unexpected situations.
Many entrepreneurs focus primarily on damage to their premises or inventory, but forget that loss of revenue often has even greater consequences. After all, when your business comes to a standstill, costs continue to accrue. With business interruption insurance, you ensure that your company remains financially afloat during a difficult period.
What can you cover with business interruption insurance?
Business interruption insurance covers the loss of revenue resulting from the temporary inability or reduced operation of your business due to an incident, causing you to lose revenue and profit. Examples include:
- fire - storm damage - water damage - burglary or vandalism
In addition, fixed costs such as rent, salaries, and other ongoing expenses can also be insured. This ensures you maintain financial peace of mind while you work on recovering from an incident.
Business interruption insurance compensates for financial loss when your business comes to a temporary standstill due to, for example, fire, storm, or water damage. Think of lost revenue and ongoing fixed costs.
What is the difference between contents insurance and business interruption insurance?
Contents insurance covers damage to items such as equipment, machinery, and furniture. Business interruption insurance, on the other hand, compensates for the loss of income resulting from your business being temporarily unable to operate properly.
Is business interruption insurance mandatory?
No, this insurance is not mandatory. Nevertheless, many entrepreneurs choose to insure themselves against this, because the financial consequences of downtime can be significant.
Which costs are usually reimbursed?
That varies by policy, but fixed costs such as rent, salaries, and lost profits are often (partially) reimbursed during the period your business is idle.
For which companies is business interruption insurance beneficial?
This insurance is suitable for virtually every entrepreneur, from shops and hospitality to offices and manufacturing companies. Companies that depend on their location, machinery, or daily turnover particularly benefit from this coverage.
How is the premium determined?
The premium depends on, among other things:
the industry in which you operate
the turnover of your company
the size of your company
the risks within your company
Can I combine multiple business insurance policies?
Yes, you can often combine business interruption insurance with other business insurance policies, such as inventory insurance or liability insurance. This ensures everything aligns better.
Can Crefin & Partners help compare policies?
Certainly. At Crefin & Partners, we independently compare various insurers and determine which solution best suits your business and situation.
