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Warehouse fire underlines need for business interruption insurance
Published January 23, 2012
A recent devastating fire has illustrated the need for good business continuity planning, and in particular loss of profits insurance. Without business interruption insurance, the company at the centre of the blaze could have ceased trading permanently.
Insurance broker ABA Group reports that a massive fire at the Lancashire Enterprise Business Park in Leyland caused damage of around £20m, with the company WH Bowker at the centre of the blaze. However the firm, and also other companies storing goods in its warehouses, were all fully covered for business interruption including loss of profits.
All too often, however, a business interruption policy is not kept up to date with the needs of the business: for example, it doesn’t reflect company growth or changes in business operations. If disaster strikes, this can lead to a very difficult insurance claim.
Morgan Clark has worked with businesses of all sizes in the wake of a disaster such as a fire or flood, and many times the companies involved have been under-insured. Despite this, Morgan Clark has helped them to make an accurate and successful business interruption claim which in many cases has made the difference between the company surviving or failing.
You can find out more about our services for businesses by visiting our business interruption insurance claims page, where you can also read about how engaging a professional firm of loss assessors has helped some of our clients save their business.
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