This insurance provides cover for loss of gross profit arising from interruption to the business caused by fire, lightning, explosion and other related perils, consequential loss is also known as Business Interruption.
What can be covered?
- Continuing overheads that must be met despite interruptions.
- Declared Gross Profit
- Extra Expenses incurred to minimize dislocation and restore normal trading conditions as soon as possible such as auditor fees, surveyor fees, professional fees.
- Wages/Payroll of employees who are retained during interruption.