Companies should have adequate business interruption insurance to protect them against the unexpected. This could make the difference between a business “surviving or going under”.
This stark warning comes from the British Insurance Brokers’ Association (BIBA), which believes that the current economic climate is making some companies cut back on business interruption insurance. It is telling firms they need to have comprehensive business continuity plans and insurance to cover them against losses incurred by downtime following incidents such as a fire or flood.
According to a BIBA spokesperson, any period where a company is out of action due to unforeseen circumstances can be extremely damaging both to their reputation and their bottom line. Business interruption insurance will reimburse firms for any losses they incur due to incidents covered by the policy. These can range from natural disasters through to fire, theft or other unforeseen activities.
However, it’s not easy to make a business interruption claim should disaster strike. Morgan Clark has worked with a wide range of companies to help them at what can be an overwhelmingly difficult time: in particular, their professional expertise has helped to ensure that the business survives. You can read about how we’ve helped clients through our business interruption claims service.