What is business interruption insurance?
Many businesses have assets on which their ability to trade depends. If something was to affect any of these assets, your business may not be able to continue operating at normal capacity – or even at all.
Where other insurance types cover the replacement of lost or damaged business property, business interruption insurance covers the wider consequences that these events have on your business – primarily loss of income due to trade being affected.
Why is business interruption insurance so important?
Just because your business has come to a standstill, that unfortunately doesn’t mean that your overheads will follow suit. Even if your trading has been affected, you’ll still have to maintain your routine financial outgoings; bills, equipment costs, supplier costs and employee wages, as well as personal expenses like a mortgage, to name just a few. Furthermore, depending on the severity of the event, your productivity could be affected for months, or even years.
We can source business interruption solutions to support you through:
- Loss of income
- Paying employee wages
- Keeping on top of bills and routine expenses, both commercial and personal
For most organisations, the biggest fear is not being able to produce and deliver their products or services. Whether it’s a cyber-attack, a flood or a fire affecting a critical business location or supplier, business interruption events can have a very costly and long-lasting impact that can extend well beyond an individual organisation.”Philip Beblo, Property Industry Lead, Technology, Media and Telecoms at Allianz Global Corporate & Specialty (AGCS)
NFP are a business interruption insurance partner you can trust
We’re extremely well-equipped to source the level of cover that aligns with your needs. Our expertise and access to top insurers makes us a partner that you can trust to find the best solutions for you and your business.
Listen to your needs
We will take the time to listen to and understand your business interruption insurance needs, no matter how routine or complex, and help to deliver cover that aligns best with what you’re looking for.
Understand your goals
At NFP, we understand that every business has its own goals, and we know the impact that a disruption of trade can have on you achieving them. Our team are here to make sure your business is fully protected, should the worst happen.
Create better outcomes
We’re serious about delivering on our promise to you. Whether you experience a small flood or a huge fire, our claims team will be here to help you achieve a fast, stress-free resolution to even the most complex business interruption insurance claim or incident.
What risks can we help insure you against?
We can source a business interruption insurance policy that helps to keep your business financially afloat, should your trading be affected by events such as:
Storms, floods and natural disasters
Theft or attempted theft
Riots and criminal damage
Frequently asked questions about business interruption insurance
Yes, we can. You don’t need to be a direct victim of a crisis for it to impact your business and its ability to trade as normal. Whether your productivity is dependent on internal assets or external assets (in Ireland or abroad), we can help you source cover that protects your business should any of these vitals suffer a serious setback.
If you have landlord insurance, you’ll need to check to see if rental income protection is included. This is a form of business interruption insurance that applies to landlords specifically, protecting your loss in rental payments if your premises is damaged or otherwise unable to be rented out.
The main considerations when calculating the cost of your cover include:
- gross profit
- indemnity period
- any uninsured working expenses (e.g. materials, goods for re-sale)
- any additional considerations needed (e.g. insuring stakeholder premises, property in transit)