How To Respond To Business Interruption

When a serious event interrupts or even halts business operations, it’s up to owners and leaders to consider how best to respond.

 

Some will be prepared and be ready to take action, quickly cushioning the impact or even changing direction, but others will be forced to react to a dire financial situation without prior planning.

 

Business interruption is any disruption to the normal operation of a business, it often totally stops trade and will impact profits...

 

Let’s say your business is unable to operate because a burst water pipe flooded the building and damaged stock. The building must be evacuated for major repairs and you’re now unable to operate for six weeks.

 

That’s a business interruption... But how do you respond to it?

 

Some businesses recognise the importance of crisis management and plan for disruptions like this. But others are too busy with the day to day operations and have not even considered let alone planned for one.

 

That’s dangerous!

 

You want to be in a position to respond well if you find your business unable to trade. And good planning allows you to do it.  As a well-prepared business, you’ll plan, prepare for the threat and arm yourselves with new ideas and ways to pivot offerings if the worst happens. 

 

Business interruption is a risk faced by all organisations, so there’s a specific insurance cover for it… 

 

Business Interruption Insurance is part of any comprehensive business insurance pack and covers loss of trading profit following insured damage to property and additional costs and expenses incurred during a claim.

 

Considering a disruption to your business before one occurs is vital to responding properly, this means taking time to plan. Part of your plan should be comprehensive business insurance which includes Business Interruption Insurance and protects your business against the major risks involved in running a business.

 

Need Business Interruption Insurance?

At Regional Insurance Brokers, our business insurance team will take the time to understand the risks your business could face - and if you ever need to make a claim, we’ll be there to help. We’re open for claims 24/7 to get you back in business quickly. Get covered today!