A look at Business Interruption for Manufacturers

A look at Business Interruption for Manufacturers

January 05, 2021 Views: 310

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Loss of Gross Profit Cover - Business Interruption

 

The typical costs of a major loss

  • Loss of Gross Profit during the interruption period
  • Aditional Increased Costs of Working
  • Claim Preparation Costs/Professional Fees

 

Indemnity Periods. Why are they important?

  • An Indemnity Period is a set maximum period of time that the policy will respond.
  • Indemnity periods of 12 months or less aren;t typically recommended, particularly for larger scale operations

 

What to do when you have suffered a major loss

  • Call your broker
  • Interruption claims are time critical. The best chance of a full recovery is to act decisively and immediately
  • Find an alternate premises to operate from

 

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

Shane Brady ABN: 79 640 560 201, AFSL: 232987 CAR Number: 001282235

This article originally appeared on McLardy MShane South East Website and has been published here with permission.

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Shane Brady

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