Business Interruption Reviews
Is Your Business leaving Cash-flow on the Table? The speed of change and the application of technology directly affects a company’s risk management and in particular the ability to respond quickly to a claimable event if your business interruption insurance program is not structured correctly. Since entering the industry in 1986 it quickly became evident that most brokers and small business owners do not understand the need for and the complexity of the cover arranged. All too often we are seeing inexperienced ‘guesses’ and huge gaps in the proposed covers and sums insured and what is actually required to maintain the business following a claimable event. We have always assisted our clients in ensuring that their coverage is correct and will respond quickly and accurately to any claim. This is now formalised and offered to other brokers and business owners in our program “theProduct Business Interruption Review”.
Currently it is estimated that 1 in 5 businesses that have Business Interruption cover actually have the cover correct or sufficient not to be impacted by co-insurance and under-insurance clauses.
theProduct Business Interruption Review provides a full review of your current policy wording and sums insured applicable to your business. It clearly illustrates your hazards and the Insurance industry application of risk management within your occupation and industry.
A Business Interruption Review provides:
- A comprehensive investigation and evaluation of your business’s business interruption key components of exposure
- Identification of your own premises risks and your supply chain and utility suppliers and their interdependency
- Identification of other key issues which may affect your business i.e. loss of attraction, murder, infection, prevention of access etc.
- An overview of insurance industry application of the wording, endorsements and any restrictions applicable in your current insurance program.
- An explanation of the policy sections and how they apply to your business.
- A calculation of the minimum recommended sums insured and coverage applicable to your business based on your current policy wording:
- Recommended minimum gross profit sums insured
- Recommended minimum indemnity period
- Recommended minimum limits for increased costs of working
- Recommended minimum claim preparation limits
- A proven method of reporting which can be applied to claims and used by loss adjusters and Insurers as required to substantiate your claim
With the reliance on technology we find that most insurance programs and review do not address the need for business interruption exposure from your electronic equipment, cyber exposures and other items not usually covered under the standard Business Interruption policy. How long can your business continue operating without electricity or access to its computer and databases?
Our service fees are available upon inquiry and evolve around the amount of work required to complete the review. This is dependent on your turnover, occupation, policy wording, number of locations and if separate wages calculations are required within the review. A indication of a base business interruption review is $550.00 upwards including a full report.
For further information and to arrange a theProduct Business Interruption Review please complete the form below.