Business Interruption Insurance

No, but the main point of the policy is to cover losses which follow serious damage at your premises. Other types of claims can be submitted, for example, if there is a murder or suicide at your premises which stops you from trading, or if your business relies on passing trade from a theme park (for example) and they close because of a fire or flood, then that would trigger cover too. As would, in many cases, the death of a key employee.

Funnily enough, COVID is now clearly excluded by virtually all insurers - but closure of your premises due to certain specified illnesses can be covered.

There are many extensions available, you just need to look at what would hurt your business – then the friendly team at Prizm Solutions will try and find a way to cover it!

It varies massively. But it is usually quite cheap and is often sold as an add-on to your primary insurance policy.

There are different types of Business Interruption insurance, but the most common relies on insuring your Gross Profit. Please be aware though, that Insurance Companies and Accountants define Gross Profit differently! However, we can supply you with a form to pass onto your Accountants so we can insure you for the correct amount.

Virtually all insurance companies offer this type of insurance but not in isolation. Amongst the major players are Aviva, AXA, Intact (previously Royal Sun Alliance), Ecclesiastical, Covea, Jensten, Accelerate, QBE, MI Commercial, Zurich, Allianz, Victor, Chubb, Hiscox, Eaton Gate, NBS, Touchstone, Breeze, Commercial Express, Arch and Lloyds underwriters