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.
