As a business owner, you are your own risk manager. Your primary responsibility to your business and its employees is to stay open and running, no matter what life brings. Have you closely considered what your business would need in order to stay open should you have a claim that has interrupted normal operations?
Business interruption is one of the risks business owners have a tendency to overlook, often with an ‘it will never happen to me’ attitude. For many businesses across Australia, COVID-19 was that unanticipated business interruption. Whilst COVID-19 was never intended to be covered by insurance, what it has shown is that any business is susceptible to major disruption and economic stress.
In our experience, some businesses that incur a major loss are not able to resume trading because they did not have business interruption cover to make up for lost income while their business was being restored to trade again after an event. Some businesses may remain open for some time, but under duress and losing customers and sales due to their inability to provide the same ever of service they had prior to the claim.
Post-pandemic and in today’s economic climate, you cannot put a price on the relief this protection brings to business owners in the face of an already stressful claim situation. Having in place the appropriate insurance solution allows business owners to respond decisively and effectively when confronted with a real life business interruption.