Business Insurance (ISR / Material Damage)

Business Interruption Insurance is designed to protect businesses from the loss of income that may occur after a catastrophic event. This type of coverage is crucial for helping a business recover from a temporary closure or slowdown by covering ongoing expenses and lost profits.

For more information, feel free to contact Warren directly at warren@broadrisk.com.au or call him on 0422 131 401.

What is Typically Covered:

• Lost IncomeCompensation for the revenue your business would have earned during the period it is out of operation due to a covered loss.
• Operating ExpensesCoverage for fixed costs that continue even when business operations are temporarily halted, such as rent and utilities.
• Relocation CostsIf your business needs to move to a temporary location while the primary premises are being repaired, these expenses may be covered.
• Employee WagesEnsures that you can pay your employees and retain staff while your business is not operational.
• Loan PaymentsCoverage for any business loan payments that are due while your business is not generating its normal income.
• TaxesProvides for the payment of taxes that come due while your business is interrupted.

What is Not Typically Covered:

• Closure Due to PandemicMany policies exclude losses due to pandemics or infectious diseases unless specifically endorsed.
• Undocumented IncomeIncome that cannot be verified through financial records is typically not covered.
• Partial ClosuresSome policies may not cover losses unless the business is completely shut down.
• Utility FailureIf the interruption is due to a failure of utility service outside of your property, it may not be covered unless specifically endorsed.
• Flood or Earthquake DamageThese events often require separate policies for coverage.
• Interruptions Due to Strikes or Labour DisputesThese are typically excluded from standard coverage.

Frequently Asked Questions