Our mission is solving our client's key risk concerns and in so doing make them more successful. Let's help you make better decision about Business Interruption.
Hurricanes happen every year. Fires start in the blink of an eye. Cyber-attacks can wipe out all of your data.
Have you ever wondered what you would do if the unthinkable happened and you had to shut your doors for an extended time, or worse…for good? How would you cope with lost profits, replacing all of your equipment, or meeting supplier and loan payments? Is there any way to prevent such a devastating loss?
At home, you’re accustomed to hoarding water, canned food, extra batteries and first-aid supplies. As soon as the forecast gets serious, you batten down the hatches with shutters and plywood. In the Caribbean, preparing our homes for storms and other natural disasters is routine.
So…what about your place of business?
We will pay for the actual loss of business income you sustain due to the necessary suspension of your “operations” during the period of “restoration” . The suspension must be caused by the direct physical loss, damage, or destruction to property. The loss or damage must be caused by or result from a covered cause of loss.
Business interruption is the top risk for the fifth year in succession, but new triggers continue to emerge. Perils such as natural catastrophes and fires are the causes businesses fear most, but the nature of the risk is shifting increasingly towards non-damage events...
The first thing that you should note is that a Business Interruption policy should form part of your business’ overall disaster recovery and business continuity plan, which should be developed by following certain steps.
As stated in our series introduction, a Standard Business Interruption insurance policy provides you with coverage for financial losses arising from an insured peril causing insured damage to an insured property. We have seen however, that there are several ways in which your operation can experience Business Interruption. As a result, there are varying types of Business Interruption insurance coverages to address this.
Caribbean territories are greatly exposed and highly vulnerable to natural disasters, which means that our homes, businesses and lives are always at risk.
However, despite 89% of businesses in Barbados being exposed to loss of income from catastrophes...
Whether it’s for your home, car or personal health, we take out insurance policies to help us rebuild or recover from some unforeseen circumstance or incident. In the case of your business however, there’s a bit more you need to take into consideration.
When considering our risk exposures personally and for our company, our minds generally tend to gravitate towards our physical assets and their protection. Hence, there is a general understanding and acceptance of most of the major forms of property insurances...
