The Federation of Master Builders

Can you protect and insure your business from disruption?

Published date: 03 April 2020

Should your business suffer a disaster, are you covered for the loss of income as a result?

When considering insurance for businesses, many individuals think of taking out Property Insurance, which covers any physical damage that might occur to the building if disaster strikes. However, this only covers the physical building and not any financial loss that the business itself may suffer as a result of the disaster.

Should your business have to temporarily close due to something out of your control, Business Interruption Insurance will cover the loss of income suffered as a result of the interruption, such as:

  • material damage;
  • covering loss of revenue;
  • rental income; and
  • additional staff and running costs.

The policy is designed to keep you in the same financial position that you would have been in prior to the event and ensures your business keeps running smoothly. For example, should you have to move to a temporary site whilst repair work is taking place to your existing property, your policy can extend to cover the expenses of moving to and working from a temporary location.

Perils include a severe storm, fire, earthquake, flood and even malicious damage or events such as a plane crash. Even instances such as loss of earnings due to a government issued street closure or curfew can be covered. The policy can be added, at a minimal cost, to your existing business insurance as a package. It is recommended that insurance is taken to cover your business for a minimum 24-month period. The policy is designed to give you the extra peace of mind that you won’t suffer financially should an event occur that is completely out of your control.

At FMB Insurance, we know the construction industry and understand the complexities of building contract works. Our team offers competitive prices, discounts for FMB members and access to expert, qualified surveyors. We also offer Public & Employer’s Liability Insurance, Contract Works Insurance, New Homes Structural Warranties and other home improvement warranties. If there’s something you have in mind that isn’t mentioned, then please get in touch, as we may be able to help.

To find out how we can tailor a policy to meet your requirements call our friendly team on 01353 652 760.

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