Business Interruption insurance
- Business interruption insurance protects your business against loss due to temporary interruption of business caused by fire or other insured risk.
- Business interruption insurance will cover for loss of income related to business activity as a result of an interruption. Business interruption insurance offers compensation for the profit that would have been earned if disaster hadn’t happened. The policy also covers expenses that must continue even though the activities were temporarily suspended: in situations such as the destruction of the location where you work , this insurance can provide the necessary resources to cover utilities, salaries and other payment obligations, for as long as the property is undergoing restoration . In case of reduction of the income loss is possible by performing additional costs other than the usual, these expenses will be refunded
Object of insurance:
Provides reimbursement for lost net profit and necessary continuing expenses. The coverage aims to instate the Insured in the position he would have had if the event that caused the prejudice hadn’t occurred.
This position may refer to:
- rehabilitating the damaged property;
- reaching the production capacity;
- reaching the production level;
- reaching the turnover level.
The Business Interruption Insurance always accompanies the Property Insurance.
Additional coverage, offered optionally:
- indemnifying the fines and penalties in relation with clients (third parties);
- indemnifying the professional honorariums;
- additional expenses;
- insuring the loss of the Insured as a result of some damages produced to third parties.