Business Interruption
Keep your operations running smoothly with Business Interruption Insurance—vital support during unexpected downtime.
In the dynamic landscape of business, unexpected disruptions can pose significant challenges to your organisation's continuity and financial stability. That's where Business Interruption Insurance steps in as a vital lifeline, helping Australian businesses weather the storm and emerge stronger.
Safeguarding Business Continuity
Business Interruption Insurance is a critical component of a comprehensive risk management strategy. It provides essential protection for businesses of all sizes and industries against financial losses incurred due to unforeseen events that interrupt normal operations.
Key Features and Coverage Areas
Income Protection: Business Interruption Insurance covers the loss of income your business may experience during a period of disruption caused by events such as fires, natural disasters, or other insured perils. It helps bridge the gap between revenue loss and ongoing expenses, ensuring your financial stability.
Continuity of Expenses: This coverage extends to essential expenses that must be paid even when your business is temporarily closed. It includes rent or lease payments, utilities, payroll, and loan payments, helping you maintain your financial commitments.
Temporary Relocation: In cases where your premises become unusable due to damage or destruction, Business Interruption Insurance can cover the costs of relocating and operating from an alternate location until normalcy is restored.
Supply Chain Disruptions: Many businesses rely on a complex network of suppliers and vendors. This insurance can provide coverage for losses incurred due to disruptions in your supply chain, ensuring you can continue operations even when key suppliers are impacted.
Extra Expenses: Unexpected expenses incurred to expedite the resumption of business operations can be financially draining. Business Interruption Insurance may cover these extra expenses, allowing you to recover and reopen sooner.
Tailored to Your Needs
Every business is unique, and Business Interruption Insurance can be tailored to your specific requirements. Whether you run a small family-owned business, a large corporation, or a specialty enterprise, this insurance can be customised to address your industry's nuances and risk profile.
Why Choose Business Interruption Insurance?
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Risk Mitigation: Unforeseen events can strike at any time. Business Interruption Insurance offers a safety net, enabling you to navigate through disruptions while preserving your financial stability.
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Protecting Your Investment: Your business represents years of hard work and dedication. This insurance safeguards your investment and ensures you can rebuild and recover after unexpected setbacks.
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Regaining Market Position: Swift recovery is crucial to regaining your market position. Business Interruption Insurance provides the financial resources needed to resume operations and remain competitive.
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Peace of Mind: With Business Interruption Insurance, you can focus on your core business activities, knowing that you have a robust safety net to rely on in challenging times.
For tailored Business Interruption Insurance solutions that align with your business needs, contact Intuitive today. We specialise in helping Australian businesses secure the protection they require to maintain continuity, even in the face of unforeseen disruptions.
Why trust Intuitive Insurance Solutions to deliver the best outcome for Business Interruption Insurance?
Expert Advice
We work for you, not the insurer. Our expert team are dedicated to tailoring insurance programs to your unique needs and negotiating the best possible outcomes on your behalf.
Transparency
We firmly believe in full transparency when it comes to remuneration. We understand that trust is built on open and honest communication. That's why we are committed to providing visibility in all aspects of compensation. With us, you'll always know where you stand, ensuring a relationship founded on trust and fairness.
Market Access
With access to policies from more than 150 national and international insurers, you can feel confident we can deliver the cover you need.
Claims Advocacy
We take care of the process, helping you achieve the best possible outcome by working closely with you and the insurance company throughout. We keep you informed every step of the way.
Insurance is what we do, but what do we do for you?
Understanding our clients and their needs is critical to our success. By taking the time to understand your business and objectives we can save you time, money and provide greater certainty on what your insurance program covers. We aim to make your life easier by delivering truly intuitive insurance solutions.
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What is a claims-made policy and how does it differ from an occurrence-based policy?A claims-made policy covers claims that are made (or reported) to the insurer during the policy period or an extended reporting period. The key factor is when the claim is reported, not when the incident occurred. On the other hand, an occurrence-based policy covers claims that arise from incidents or events that occur during the policy period, regardless of when the claim is reported. The key factor in this case is when the incident took place and not when it is reported.
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What is a retroactive date?A retroactive date is applied to claims-made policies and defines how far back in time a breach of professional duty can occur for your policy to respond. As an example, consider that a professional purchases a PI policy on January 1, 2023, and a retroactive date of Inception is applied (i.e., January 1, 2023). This means that the insurance policy will cover claims or legal actions arising out of professional services provided on or after January 1, 2023.
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What is meant by costs inclusive versus costs exclusive (limit/excess)Where a limit of liability is described as costs inclusive, this means the limit afforded includes both the indemnity (the compensation amount paid to a claimant) as well as the costs and expenses incurred in defending the claim. Conversely, a costs exclusive limit of liability applies to the amount paid to the injured party only (indemnification), and costs and expenses are paid in addition by the insurance company (often capped). A “costs inclusive excess” (or deductible) means that the excess amount applies to the total costs associated with a claim, including legal expenses, damages, and other related costs. In this case, the policyholder is responsible for covering these costs up to the excess amount, and the insurance company will start paying once the costs exceed the excess. Under a “costs exclusive excess”, the deductible or excess amount only applies to the indemnity portion of a claim. Legal defence costs are typically covered separately, and the policyholder doesn't need to pay the excess for these costs. Instead, they are covered by the insurance company from the outset.
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What is contractual liability and why is it important?Contractual liability in professional indemnity insurance refers to the responsibility that professionals might take on through contracts with their clients. This includes how this liability is covered in a professional indemnity insurance policy. Professionals often sign contracts with their clients when they provide services. These contracts spell out the professional's duties, the work's scope, deadlines, and even clauses about protection. When professionals buy professional indemnity insurance, it can cover them for contractual liabilities, as long as these liabilities come from events listed in the insurance policy. This coverage can be broad or limited to professional mistakes or negligence. It's crucial to understand the terms and conditions of your insurance policy. Some policies might not cover certain types of contract-related liabilities. If a client or someone else sues the professional, claiming a contract breach or professional error, the professional indemnity insurance policy comes into play. The insurance company will typically investigate the claim and, if it's valid, provide coverage for legal expenses. If necessary, it can also cover any settlements or damages awarded.
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What are territorial and jurisdictional limits and how are they different?Territorial limits define the geographical area or region where the insurance policy provides coverage for work performed. This means the insurance policy specifies the locations or countries within or from which services can be supplied. Jurisdictional limits relate to geographical area or regions the policy will respond to claims brought within the court system. This means the insurance policy specifies the locations or countries within which legal action can be heard. In summary, territorial and jurisdictional limits relate to the physical locations or regions where the insurance coverage is valid, and you should ensure these extend to all locations where you carry out work or clients are based.
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What is the difference between a limit reinstatement and aggregate limit:On face value, a limit of indemnity with 1 reinstatement and a limit of indemnity with an aggregate of double the limit may seem the same, but they work differently. Reinstatement: If you have a policy with a reinstatement, the insurer restores the full limit of indemnity after a claim, even if it's partially used. The limit will only be reinstated the number of times specified on the policy. Aggregate Limit: With an aggregate limit, your coverage is reduced by the actual claims made. It provides unlimited reinstatements it is fully exhausted, providing more certainty of the level of coverage afforded.
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Can an additional insured be added to the policy?In many cases, it is necessary to include an additional insured on your insurance policy, thereby extending liability coverage to this party. Such requests frequently originate from parties with a vested interest in your operations, including contract manufacturers, subcontractors, vendors, and other partners within your supply chain. This practice is common in business relationships where one party seeks protection from the potential liabilities of the other party.
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What are the implications for adding an additional insured party?Adding an additional insured party to an insurance policy carries certain implications that are important to understand. An additional insured typically enjoys similar rights and responsibilities as the primary policyholder. This means that they can often file a claim directly against the policy and have access to the policy's coverage limit. However, it's crucial to note that if a claim is made against both the primary insured and an additional insured, it can deplete the liability limit more rapidly, potentially leaving the primary policyholder with insufficient protection.
