Compare Business Income Insurance plans

The first and most obvious place to start searching for Business Income Insurance has to be online. Here you will find no end of insurance companies who provide insurance to cover business income. Shopping around is a must but it is imperative to realise that all policies are not the same. Below are some tips to help you when you are comparing different policies:

Features	Definitions	Comments
How much is the premium?	The premium is the amount paid for the cover.	This will vary depending on how much benefit is required. Higher benefits will attract higher premiums. This will usually be determined by the income of the business from the business accounts.
How much is the benefit?	This is the amount that is paid out in the event of a disaster.	This is usually a predetermined amount. It will take into account wages and other fixed outgoings which are essential for the continuation of the business.
How long is the waiting period?	The waiting period is the time it takes after the disaster before the insurance benefit commences.	This is commonly up to 72 hours after the disaster has occurred. Although some policies will become effective immediately.
What is the period of restoration?	This refers to the time it takes to repair any damage and get the business up and running again.	Usually the insurance will pay out for a restoration period of between 6 to 12 months.
What is classed as a disaster?	A disaster is an event that stops the normal running of the business, preventing the company to earn its usual income. This commonly includes: Fire Floods Government evacuation of particular area Vehicle breakdown IT failure (not due to power failure) Theft	Common exclusions to this include: Power failure Poor economic climate

 

Many policy holders are very aware about the importance of having business income insurance but when it comes to knowing what is actually included in their policy very few know what is really covered.

*2) Every business is unique, so why not take the time to tailor your business income insurance to suit your business and its location.

Guide Contents

Business Income Insurance
Compare Business Income Insurance plans
Buy Business Income Insurance
Frequently asked questions about Business Income Insurance
Where to get more help about Business Income Insurance

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