Business Interruption cover insures you for your financial loss and increased costs of working due to an interruption or interference to your business triggered by a Material Damage loss.
The FMG Business Interruption policy offers a range of cover, you can choose from these options.
Cover for loss of profits if your business is interrupted following a loss caused by an insured event.
This covers you for the reasonable costs you incur to resume or maintain normal operations.
Covers you for financial loss for the payment of wages to retain key staff until you can resume or maintain normal operations.
The following is one of the Additional Benefits that is automatically included in your policy.
Cover for up to $10,000 for professional help (for example an accountant) to prepare and present your claim. You can also choose a higher level of cover.
Provides you with the flexibility to extend the date that your indemnity period starts from after the date of loss.
Covers your financial loss (up to 10% of each amount shown on your certificate, up to a maximum of $500,000) for an interruption or interference greater than 24 hours as a result of physical loss of plant, equipment or supply lines of any New Zealand supplier of power, gas, water, sewerage disposal or telecommunications.
This extends cover to all items and benefits insured under your Material Damage and Business Interruption policies, including Optional Benefits you’ve selected, following a loss caused by a natural disaster.
Working out cover amounts and what we will pay for business interruption can be a tricky business as this is unique to your individual operation.
That’s why our team works with you and your accountant directly to calculate the right level of cover for your business. Previous financial returns, trends, forecast growth, and variable costs are just a few of the things that will be taken into account.