Business Interruption

Business Interruption

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.

What we cover

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.

This covers you for payment, for up to the number of weeks shown on your certificate, for financial loss resulting from payment of wages for those employees who cannot work.

Cover for financial loss if you receive reduced rent, or incur additional expenses, to avoid losing rent.

This covers you for financial loss as a direct consequence of loss of your accounting and business records.

Additional cover

The following Additional Benefits are automatically included in your policy.  

Provides for an adjustment to be made to any claim to reflect the fact that you’re using up accumulated stock to temporarily maintain turnover.  

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.

If your business operates in departments with independent trading results, each department affected by a loss will be treated separately.

 

This covers your financial loss for business interruption resulting from accidental physical loss or damage to customers’ premises, or suppliers’ premises that you are dependent upon.

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.

Covers financial loss or increased cost of working following an interruption if the premises are closed by a public authority. Cover is up to 15% of each amount shown on the certificate. 

 

Covers you for financial loss caused by the interruption or interference to your business as a result of physical loss or damage to property, roads or bridges which prevents or hinders access to, or use of, your premises.

Optional extras

You can purchase this Optional Benefit for even more comprehensive insurance.

Cover for financial loss or increased cost of working after an interruption to your business, as a result of accidental physical loss or damage to your indoor plants caused by frost, covered under your Material Damage policy.

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.

What we pay

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.

Download policy

Please note this is only a summary of the product and is subject to our specific product documentation. For full details please download the policy wordings using the links below, or you can get a free copy by calling us on 0800 366 466.