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Business Interruption – The business interruption can cover the loss of any sales or gross profit which a business could have made if the business is not interrupted. The interruption could be due to either a physical accidental damage to business property or by specified insured events such as fire. It the business is not operating, still there are certain expenses that will continue to occur, like rent, wages, insurances, electricity etc. This section can provide a financial certainty even if the business is temporarily shut.
Theft-Theft insurance can protect your business from uninvited guests stealing or damaging your business property like contents and stocks through break in, attempted theft or armed hold up. This section of cover is technical in nature and requires special attention.
Money- This policy protects against loss of money due to theft, fire or armed robbery. Most insurers provide blanket cover having cash-in-transit and cash-at-business premises, both during the business hour and outside the business hours. The amounts of cover may vary depending upon the type and conditions of cover.
Glass – This insurance gives coverage from accidental breakage or malicious damage to the internal, external, or any specified glass at the premises and also provides a number of additional benefits and extra cover.
Machinery Breakdown- This insurance pays for the repair of or replacement of the broken-down machinery. It also covers the associated cost due to a sudden or unforeseen breakdown. This section also offers the cover extension to deterioration of the stock due to machinery breakdown, hiring of temporary equipment, staff overtime and the necessary emergency expenses.
Electronic Equipment Breakdown- This insurance plan pays for the repair or replacement of broken-down electronic appliances including alarm systems, computers, servers, Point of Sales Systems, Communication Equipment and printers. This policy also offers extension for the associated costs like restoration of data following a breakdown, hiring temporary equipment like computer systems etc.
Do you know?
Business interruption and Cyber incidents were considered the top risks facing Australian businesses in 2022. (Allianz Risk Barometer, 2022.)
What usually isn't covered?
Exclusions, excess you need to pay, and limits of liability can vary greatly depending on your insurer and the requirements of your business.