How SMEs Can Prevent Insurance Claim Delays
Most claim delays start long before the loss. A few habits make the process much faster when you need it.
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Damage to property is only half the loss. Lost income while you rebuild can be the part that closes a business.
What it covers
Business interruption cover is designed to replace lost gross profit and pay increased costs of working after an insured event damages your property.
The indemnity period
Choose a period long enough to get fully back on your feet. Rebuilding and winning customers back often takes longer than expected.
Get the gross profit figure right
Use your accountant's figures. An understated gross profit leads to an understated claim.
Read the triggers
Most policies require physical damage to insured property. Load shedding or supplier failure may need specific extensions.
This article is general information, not advice for your specific situation. Speak to a broker before changing your cover.
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