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A look at Business Interruption for Manufacturers

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.

All information above has been provided by the author.


Shane Brady, Stone Lane Broking & Risk Advisory, ABN 79 640 560 201, AFSL 232987

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

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