Business Interruption Insurance
Designed to provide financial protection to your business if you are unable to operate.
What is Business Interruption Insurance?
Owning a business can be a major financial investment and protecting itis important should the unexpected occur.
Business Interruption Insurance helps to cover the loss of income you expected to receive had there not been a loss that has your business is out of action – plus it can also help with any extra costs incurred to recover from that event and stay open.
Depending on your policy, business interruption insurance can cover:
Civil authority ingress/egress
Government-mandated closure affecting your business premises that directly causes loss of revenue such as street closures.
Fixed costs
Operating expenses and other costs still being incurred by the property (based on historical costs). Please check your policy details for examples and further information.
Extra expenses
Reimbursement for reasonable expenses (beyond the fixed costs) that allow the business to continue operating while the property is being repaired. Please check your policy details for examples and further information.
Revenue/income
Income that would have been earned during the period during which the business cannot operate.
Temporary relocation
The extra expenses for moving to, and operating from, a temporary location.
Coverage, benefit limits and exclusions may vary depending on the Business Interruption policy you purchase. Always refer to the Product Disclosure Statement (PDS) or insurance policy wording or speak to a broker for information about the policy coverage.
Understanding Business Interruption Insurance
The premiums for business interruption insurance can vary based on a number of factors, including but not limited to; your industry, size of business, number of employees, location of the business, how much you decide to insured for, and the insurer’s pricing.
Disruptions can happen at any time – naturaldisasters, power failures, vandalism, or even a nearby incident that limits access to your premises. For businesses that rely on physical locations, supply chains, or continuous operations, Business Interruption Insurance can provide you with financial stability during a crisis.
This type of insurance is particularly important for businesses with multiple locations or those operating in areas prone to events like cyclones, fires, or severe storms. It’s a proactive way to protect your operations and support continuity when challenges arise.
In the event of a claim, NQIB acts as your advocate, liaising with your insurer and supporting you through the process.
It’s always a good idea to review your insurance policy wording and speak with your insurancebroker to understand your cover, exclusions, and obligations before making a claim.
Business interruption can be purchased within Business Package Insurance, or along with Management Liability Insurance, and a range of other business insurance solutions such as Commercial Property Insurance, ISR (also known as Industrial Special Risks insurance).
General information is no substitute for professional insurance advice. Speak to your broker about the solutions that will best suit your business.
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We work with you, so you have the confidence and peace of mind that come with understanding how you are protected by insurance.