While buildings insurance can cover the costs of material damage in the event of something going wrong, if you don’t have business interruption insurance in place, you could find yourself unable to trade for months after a disaster. This inability to operate as normal can topple even large, stable businesses. Business interruption insurance can be a smart move to secure your earnings and get you back to where you were before disaster struck.
To get the best deal on your business interruption insurance, it’s a good idea to shop around and consider products from multiple providers. Incorporating this cover into a package policy may reduce the price that you pay, but might offer a more limited cover compared to a standalone policy. This list comprises some of the popular business interruption insurance policies on the market today, to kickstart your search.
Business interruption insurance is an often overlooked, but critical, type of commercial insurance. Business owners are likely to have some sort of buildings or contents insurance policy in place. In this case, business interruption insurance is typically added to these existing existing policys. Alternatively, you may look for a separate policy. Either way, there are several routes you can take to find the right insurance policy for you.
Finding a Provider
- Approaching insurers directly – The most obvious route, of course, is to approach insurers directly. Many insurance providers advertise their commercial insurance online and can offer you an online quote if you answer a few simple questions. Some insurers may give you the option to add business interruption insurance to your other policies when you purchase those. If you’re unsure of the level of cover that you need or whether to opt for a standalone or package policy, you can speak to the provider’s advisers.
- Going through a broker – Insurance brokers are particularly helpful for commercial clients. Businesses have very different needs specific to their industry type, business model and size. Brokers can help you build bespoke policies that provide tailored cover suited to your particular company. They have both industry experience and expertise and can help you understand all the terms in a policy so that you know what cover you have, for what events. What’s more, they usually have access to cheaper and more comprehensive deals than customers who approach insurers directly, saving you money, too.
- Comparison websites – A helpful place to begin your market research is on a comparison website. You can filter your search results by the level of cover you need, the price, or even the insurer. These kinds of sites allow you to compare the features of a business interruption insurance policy side by side, enabling you to spot the best policy for you. They can also show you the types of comprehensive package policies available, including the other types of coverage they provide.
Business Interruption Insurance Providers
Premierline (Broker)
Businesses can secure a tailored business interruption insurance package through Premierline, covering them against loss of profits suffered while recovering from an event such as a fire or significant theft. Premierline is rated 4.7 out of 5 on Feefo, owing to their excellent customer service. Their expert professionals can offer bespoke advice, finding you a suitable level of cover for your business needs.
They can arrange flexible cover, varying from indemnity periods between 12 and 36 months, which you can add to your protection as part of a business insurance package. Most of their clients purchase business interruption cover through a shop insurance package or an office insurance package. You can call Premierline directly and speak to one of their insurance advisers to arrange a quote and discuss your cover, or you can request a callback.
Markel
Another established insurance provider is Markel, with over 25 years of experience insuring businesses. Their business interruption cover exists as an additional extra to their other business insurance packages. It works to secure a business financially following a serious incident, such as a flood, fire or other damage. Their well-renowned customer service team are there to help your business get up and running again as quickly as possible, with a dedicated claims team as well as a 24-hour legal helpline to offer advice and support in the aftermath of a disaster. Another bonus of Markel is their online legal document hub, where policyholders can find legal templates and documents to help them deal with legal issues.
Morgan Clark
One of the UK’s leading firms of loss assessors is Morgan Clark. Businesses can benefit from personal customer service with Morgan Clark, as they provide a specialist commercial Loss Assessor to support individual claims and ensure that all issues are handled as quickly as possible. This Loss Assessor is an insurance professional who will work with you to negotiate a fair settlement using lost profits and a business’ future forecasts. They will help a business calculate its loss of profits, assisting companies in estimating their loss of both tangible and intangible losses. Morgan Clark’s customer service is rated highly by current and former customers, giving them a five-star rating on Feefo.
Insurance Octopus (Broker)
Another highly rated broker is Insurance Octopus, with a score of 4.6 out of 5, according to Feefo. Octopus is an excellent choice for any business looking to arrange a personalised insurance product, with the possibility to tailor cover according to a wide range of professions and trades including shops, cafés, tradespeople, pubs, takeaways, professionals and more. Their insurance specialists are able to discuss your individual needs with you and arrange bespoke cover for your company. Business interruption insurance is only available through Octopus as an add-on cover feature, which can be purchased alongside other core cover, such as public liability and employers’ liability. Policyholders can also benefit from Octopus Customer rewards, earning additional benefits and discounts on their policies.
Hiscox
A comprehensive business interruption policy is available through Hiscox. Their cover can offer protection against a huge array of eventualities, both directly and indirectly affecting the business. They can cover any interruptions caused by insured damage to your property, as well as physical damage near the insured premises that make it difficult to access your site. A further benefit of their products is cover for any incidents within a mile’s radius of the insured premises that means that a government or public authority restricts the company’s access for more than 24 hours.
If the supply of water, gas, electricity, telecommunications or internet services fails for more than 24 hours because of damage to the service provider’s premises, Hiscox can also offer their policyholders financial protection.
Aviva
Aviva offers a business interruption insurance product called Business Income Insurance, designed to support companies as they get back on their feet following a crisis. They can assist companies in overcoming a range of incidents, including accidental, natural or criminal damage and disasters. Included as part of the cover are ongoing operating costs and additional expenses if your company has to move to alternative premises or hire extra staff owing to reasons outside of your control. They can also cover your company if the supply of electric, gas, water or telecommunications fails and stops the company from trading temporarily.
Policyholders will have 24-hour access to both a legal helpline and a tax helpline to offer customers confidential support through each step of the claims process. Aviva can provide up to £1 million protection over a three-year period to help companies recover after an event which stops them trading. Businesses with nine or fewer employees can purchase Business Income Insurance online with Aviva, as part of their core Buildings and Contents Insurance cover. Larger companies must go through a broker.
Marsh Commercial
Part of a world-leading insurance group, Marsh offer personalised customer service to get to know your business from the inside out. They can arrange business interruption insurance suited to a business’ individual needs, arranging a policy based on the client’s business model, revenue and industry. Their brokers and insurance specialists will be able to help customers work out how much cover they need and calculate a sum insured to secure them financially if something goes wrong.
Cover through Marsh Commercial can help with loss of gross revenue and profit, increased working costs following an incident and help during a recovery period that they can determine with you. Despite being part of a global insurance network, they offer a local touch, finding you a local expert adviser to find you the right cover.
AXA
Insuring over 645,000 businesses is AXA, with a 92% satisfaction rate on Feefo. Their business interruption cover is available as an add-on to their customisable business insurance packages, where companies can choose the types of protection they need. Companies may add business interruption cover to a public liability, professional indemnity or employers’ liability insurance policy. Benefits of cover through AXA include access to a UK-based call centre and fast payouts, as AXA aim to pay claims within 24 hours. You can generate a guided quote online based on your details to find the right product for you.
Direct Line
Another insurance provider offering business interruption as an optional add-on is Direct Line if you take out buildings, contents or property away cover with them. On top of cover for loss of turnover following an insured event, Direct Line policyholders will benefit from protection if one of their key clients or suppliers suffers an interruption to their business which has a knock-on effect for their trade, up to a limit of £50,000. If one of your key employees becomes seriously injured and is unable to continue working, Direct Line’s business interruption policy will also offer coverage of up to £25,000.
Their products are particularly well suited to smaller businesses who can use their online quote tool to find a suitable level of cover. Existing Direct Line customers can get 10% off business insurance, and they also offer a price guarantee, promising to beat quotes or renewal premiums from other insurers.
RSA
One of the world’s oldest insuring companies is RSA, who have been protecting businesses of all sizes for more than 305 years. Their award-winning insurance products include a Business Combined policy, which consists of a package deal with the option to include business interruption insurance as an add-on to property damage insurance. They can insure companies against financial losses from a wide range of incidents, including fire, explosion, storm or flood and theft.
One of the principal benefits of taking out a combined policy with RSA is the level of support that policyholders receive. Alongside a 24-hour claims helpline, their catastrophe claim feature means that they will send a representative out to you in a major crisis, 24 hours a day, all year round. Other advice lines include legal assistance, health and safety issues and a tax helpline.
Ageas
Ageas provides a range of business insurance products, including several all-encompassing business insurance packages which can include business interruption insurance, in addition to property insurance, employers’ liability insurance, public and product liability and more. They can offer tailored products for different industries as well as specialised cover for specific professions, including recruitment firms, security, shopkeepers, cleaning and tradespeople. Ageas offers a 24-hour claims line and pride themselves on making insurance simple and straightforward. Their business insurance packages are only available through a broker.
Zurich
One provider offering an established business interruption insurance product line is Zurich. They provide global business continuity management, helping your business stay afloat following a crisis. Their international presence stands them in good stead to help businesses of all sizes recover from serious incidents, and offer support to put them back into the same trading position that they were in before the insured event. Zurich is a popular choice among larger corporations and multinational companies.
AIG
For businesses operating in energy and engineering, AIG is one of the leading providers to offer tailored business interruption insurance. AIG cover specialist engineering industries, including oil and petrochemicals, power generation, alternative energy, chemicals and pharmaceuticals as well as mining industries. This specialist product, called All Risks and Business Interruption, covers businesses against any accidental physical losses, destruction or damage to their insured property as well as any subsequent business interruption loss. Firms in these fields can benefit from specialist underwriters and engineers who have the knowledge and expertise to help companies with problems specific to these sectors. Their global approach ensures that multinational businesses have cover wherever they operate.
Allianz
As one of the largest insurers in the world, Allianz has over 125 years’ experience insuring companies. They offer a business interruption policy which can help businesses cope with the financial losses following physical damage or loss. Their product can cover losses such as wage payments and missed income, and policyholders will have access to free expert help and advice on risk management and mitigation. Should the need arise, Allianz offers a competent UK-based claims service.
One of the perks to a package with Allianz is that small businesses have legal expenses cover included in their policy, as standard. Legal cover is also an optional add-on for larger businesses, too. Under this feature, companies have access to CLICK Legal, which is a free legal health check, assessing a company’s legal position. The service includes over 140 document templates that comply with the law among other legal guides and resources. As part of this service, businesses also have 24/7 access to a legal advice helpline, which can help a company following an incident. Business interruption insurance with Allianz is only available through insurance brokers.
Willis Insurance (Broker)
Willis Insurance is an independent, family-run insurance broker offering business interruption insurance as an add-on to a tailor-made policy, together with either property or office insurance. They can provide business insurance to all business types, exercising long-standing relationships with a range of smaller, local insurers. They have specific programmes tailored to the construction, property, transport and hospitality sectors.
Willis Insurance pride themselves on a personal approach, combining excellence and intelligence to create custom-made packages to support each company’s unique business needs. They were the first in their region to achieve the industry’s gold standard and were also awarded the prize for Insurance Broker of the Year in 2016. Policyholders will benefit from fast responses from the in-house accident investigation team, offering support up and down the country. Companies will receive proactive claims handling in response to insured events.
NFU Mutual
One flexible insurance provider is NFU Mutual, offering cover suitable for both small, fledgeling businesses as well as large national corporations. Their local presence means that companies can enjoy face-to-face consultations with their insurer, offering a more personal approach to commercial insurance. Business interruption is a feature included on some of their tailored business insurance packages, including their office insurance product and their comprehensive Commercial Select product which includes property insurance, liability and legal expenses.
Under their business interruption feature, NFU Mutual can offer protection of up to £1.5 million. They also provide a limit of £50,000 for additional expenses incurred should a business try to minimise its losses. Companies can choose varying lengths of indemnity up to 36 months to get them back on track following an event which causes physical damage to its property or assets.
