Leisure Business Interruption Insurance
(option included in property package or can be purchased on it’s own)
What would you do if your business premises was completely or even partially destroyed or damaged? How would you earn a living, continue to pay staff wages or pay the additional cost of finding and moving into a new premises. If you can’t operate, even for a short period your income could walk out the door as clients are forced to find an alternative provider.
If you don’t have the capital to cover all of these costs or don’t want to use your hard earned savings, then business interruption insurance can provide this protection for you.
There are 3 sections to choose from. You can elect to take them all or only take the sections that suit your needs:
Loss of Gross Income Insurance
Protects your cash flow by covering lost income caused by loss or damage to property. This cover provides you with the cash so that you can continue to pay:
- wages to retain skilled staff
- loans
- any other normal business expenses
all while no income or reduced income is being generated by your leisure or hospitality business.
Additional Increased Cost of Working
Covers additional expenses incurred as a result of loss or damage to property. Additional expenses may include:
- costs associated with finding and setting up a new premises or costs associated with cleaning up after damage has occurred
- relocation costs
- additional rent if the rent is higher at the new premises
- overtime wages for staff if they are required to work additional hours to get the business up and running as quickly as possible eg weekend work to clean up after a severe storm or setup at the new premises
Claims Preparation Costs
Claims preparation costs, covers the cost, up to the nominated sum insured, of hiring professionals to manage the claim process on your behalf. The claim preparers negotiate with the insurer, arrange quotes and manage the whole claim process. If the damage requires you to set up in an alternative premises, they will help with this too so that you can get your business up and running as quickly as possible. Taking cover for claims preparation costs takes the pain out of the claim process.
Experience that counts
Altiora Leisure has more than 20 years experience in providing insurance services to thousands of leisure and hospitality business operators across Australia.
If you would like an experienced insurance partner that you can really count on, contact our leisure insurance team today.