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If there’s an accident, you’ll need to repair your physical premises – and buildings insurance makes sure it won’t break the bank
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Business interruption insurance helps your business if you have to stop working because of something like a fire or flood, or other insured events.
This type of insurance compensates for lost income and can cover employee salaries during the restoration period caused by an event. If you need to move to a different building, it helps with those costs too. It can also help if you're not making as much money right after you reopen.
It's important to note that business buildings insurance only covers physical damage to your property, it does not account for revenue losses during closure. This is where Interruption insurance comes in to provide financial stability, allowing your business to recover without monetary setbacks, ensuring you're financially where you were before the interruption.
Business interruption insurance will cover you if your business has to close – but there are a few exceptions. Here’s when you can claim:
If your business is damaged by fire, flooding, or explosions
If your business has to close because of a disease outbreak like COVID-19
If there’s an insured event in your supply chain – like a fire at a warehouse
If your business is closed down because of poor hygiene or safety standards
If the damage was caused by negligence or vandalism by you or your staff
If you have to stop operating for financial reasons
Business interruption insurance is usually sold as an add-on to your business insurance, for example, employers’ liability or business buildings insurance. When you take out business interruption insurance, you can choose how much cover you need – businesses with a higher turnover and more staff will usually need more.
Your insurance will only cover you for a certain period of time – often between 12 and 36 months. This is called the maximum indemnity period. Think how long it would take to rebuild your business if something happened – you’ll pay higher premiums for a longer maximum indemnity period, but you also don’t want to be left without insurance if repairs take longer than expected.
Business interruption insurance isn’t to be neglected – it can be a lifeline for any business going through a rocky patch. But there are other types of insurance you might need too:
If there’s an accident, you’ll need to repair your physical premises – and buildings insurance makes sure it won’t break the bank
It’s not just buildings that can be damaged. Contents insurance helps protect all your fixtures, furnishings and appliances
If you have any employees, this is a legal requirement: it covers you in case anyone who works for you becomes ill or is injured
This protects you if a member of the public is injured in your business –for instance, a customer could slip and fall in a shop or café
Business interruption insurance serves as a financial lifeline in the event of unexpected shutdowns due to incidents such as natural disasters or significant equipment breakdowns. It ensures that a business can meet its financial commitments and recover quickly. More than just a loss prevention measure, it's an investment in the resilience and enduring stability of a business. In a climate of economic uncertainty, securing this insurance is not merely wise—it's a critical element of any proactive business plan.
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Comparing business insurance quotes with MoneySuperMarket and our preferred partner SimplyBusiness is the easiest way to find an affordable deal on cover. Here's how it works:
Let us know about your business, who you employ, and how much cover you need, and we'll find deals tailored to your requirements
Ensure it meets your business needs and read policy documents.
Once you're happy with your policy offer, simply click through to complete your purchase.
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No, you’re not legally required to get business interruption insurance. The only insurance that you have to have by law is employers’ liability insurance (if you have employees).
Yes, business interruption insurance can be used to cover your staff’s wages. If you need to briefly close down your business in the aftermath of an unexpected event, you can keep staff on the payroll while you rebuild.
When your insurance pays out to cover lost earnings from your business, it’s treated as ordinary trading income by the HMRC. This means that you’ll have to pay the same taxes as you would ordinarily.
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