Business interruption insurance is a type of insurance that covers you and your business from
the loss of trade and income following a disaster. The insurance covers the subsequent loss of
income from the moment trading stops to when it is able to recommence.
Business Interruption Insurance protects the continuity of your business during or following
events you cannot control, such as accidents or natural disasters. If your business suffers a
sudden cease in trading, we’ll make up the lost income while your business gets back on its feet.
Prices for this cover vary depending on turnover and how prone your business might be to a
cease of trading caused by outside influences.
If your business has suffered losses as a result of the corona virus (Covid-19) lockdown and you may be able to make a compensation claim on your business interruption (“BI”) policy following the High Court ruling in, The Financial Conduct Authority (FCA) v Arch Insurance (UK) Ltd & Ors  EWHC 2448 (Comm) (“the Test Case”). Our claims handling expert can provide step by step guidance in connection with recovering your losses if your claim has initially been refused by your insurer.
‘Coronavirus caused substantial loss and distress to lot of businesses, many business are under huge financial strain with the struggle to stay afloat. The Supreme Court’s judgment business interruption insurance test case brings peace of mind to the policyholders. Our aim to remove the roadblocks to claims by policyholders and help them to get a fair compensation.
The Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case.
On the FCA’s appeal, the Supreme Court ruled that cover may be available for partial closure of premises (as well as full closure) and for mandatory closure orders that were not legally binding; that valid claims should not be reduced because the loss would have resulted in any event from the pandemic.
No, business interruption insurance does not cover interruption due to pandemics, viruses or common colds.
No, business interruption insurance does not cover lost income that is not recorded in your business’s finances.
Your premium will be based on a number of factors including: wage roll, nature of the business, gross profit and cost of moving.
Fires and floods are by far the most common causes of business.
All business interruption policies have a material damage proviso. This ensures that the insured has active material damage policies in place so that in the event of a business interruption claim, the insured has the ability to restore the business to it’s former position.
Yes, business interruption insurance covers costs associated with hiring an accountant to prepare a claim.
This period can be defined as ‘the time period in which the interruption affects the business and prevents it from operating as normal’.
No, business interruption insurance does not cover losses that have arisen from radioactive contamination or nuclear explosions.
Yes, business interruption insurance covers the renting of alternative premises for the insured business.