One of the most pressing business risks, and one that is feared by businesses from around the world, is Business Interruption (BI). Luckily, there is BI Insurance available that can cover your business’s physical or virtual damage in the event of a loss. BI insurance can benefit businesses of many shapes and sizes, including industrial business owners, small business owners, as well as multi-national firms. BI coverage is critical if your business suffers a property loss that could cause business to slow while repairs are made to your electrical, refrigeration, or water systems from storms, flooding, or fire damage. BI can also be virtual, such as the breakdown of your company’s core IT systems, whether accidental or from a virus.
Businesses are the primary source of income for many individuals, so what would happen if there was an unexpected closure or slowing of your business? BI risk is posing an increasing global threat across all industries, so it is more important now than ever to have the right BI Insurance in place as part of your risk management strategy.
BI insurance can act as support to keep you operational, not just while your business is undergoing a rebuild, but also help to maintain its stability long-term. BI can cover business costs, the loss of income during repairs and can also help ensure you have a smooth transition when you reopen. BI insurance can also be extended to include extra expense coverage for costs that are additional to normal operating expenses, and temporary location cover for expenses associated with moving to a temporary location.
BI coverage varies and doesn’t always cover everything that you might be expecting it to, so it’s best to consult with your broker to make sure your BI insurance covers the appropriate exposures to your business.
Even with BI insurance in place, companies should plan for a wide range of disruptive scenarios and implement pre- and post-event risk management strategies to better understand and mitigate BI risks and prevent losses from happening.
READ MORE: Preparing Your Business for a Flood
Don’t wait until your business experiences a significant loss to consider BI protection. Contact one of the experts at Fuse Insurance and we will be sure to help you review your current coverage and show you how you can benefit from adding BI to your overall commercial insurance portfolio.
Fuse Insurance Ltd. is the evolution of the commercial insurance brokerage, and the first of its kind in Western Canada. Backed by policies from a selection of A-rated insurers, Fuse Insurance can provide coverage for businesses large and small from almost any industry. For further information or to get an online quote now, click here or call us at 1-866-387-FUSE (3873) for more details.