Business challenges are unexpected and can be irreversible if you don’t have the necessary back support at hand.
Business insurance will work as a great risk management tool. With business insurance solutions, you can prevent the risks way before they happen. You can pay a an insurance premium to your respective company and manage the risk. In the absence of financial help, you may lose everything.
What could be the risks of interruptions for my business?
If all the corporate insurance policies (find out more about corporate insurance policy) are designed to protect against uncertainties, business interruption coverage works beyond specific common policies. When your business situation is unfavorable and operations must be stopped temporarily, the business interruption insurance (also named business income insurance) will protect you.
In case of fire in your office, property insurance will help in covering the property damages. However, it won’t cover the potential loss of operating expenses such as: lease payment, employee wages, and extra expenses to operate at a temporary location. Therefore, for different benefits, one will have to choose a relevant business policy.
With the right business owner policy (BOP), you can “hit the nail on the head” and expect financial support for your company. This way, you will protect yourself from a bigger financial loss. There are different types of risks in a business, such as:
- Natural disasters;
- Legal liability;
- Fire, theft, car accidents;
- Employees’ life & health issues.
These are typical issues that small enterprises come across. To avoid difficulties, the financial consequential loss must be prevented. The economic burden can be easily managed by reaching out to a top insurance company in Singapore.
Currently, Hong Kong is going through hard times. Business owners* are facing hefty losses due to the ongoing protests. Retail sales have dropped by a significant 11.4%* and are expected to stay weak in the near future. The situation is worse than expected.
The number of businesses experiencing income loss is high. The disruption has put innumerable business owners to the test. BLACAZ. can help you minimize the loss incurred by offering you complete coverage.
Here’s a quick rundown of what business interruption policy covers:
- Get the same income as you would in normal working times. The policies will help you hold waters while your business is under temporary closure.
Rent/payment of lease:
- When landlords exclude the renters from insurance and expect them to pay the rent, the latter must have coverage.
- A business interruption policy will act as a shield to protect you against the burden of the lease payment.
- Most employees are breadwinners, and when you have to shut your business, it exerts a strong impact on everyone’s families.
- Employees may not stay with you for long in a financial crisis. With a coverage plan, you can offer them a payroll to make ends meet.
- When you need to relocate your business in a temporary place, the coverage provides you with the support you need, with relocation and rental funds for the new place.
Losses incurred from prevention of building access:
- Also called “civil authority coverage”, this aims to cover your business premises closure by order of public authority in events such as infectious or contagious diseases, murder or suicide on the premises, etc.
Despite covering the above-mentioned scenarios, the policies are limited to certain events and exclusions. While your plan includes many insurance benefits, others may remain out of your pocket and are requiring specific insurance coverage.
The policies are pretty specific. Talk to our professionals and they will reason out each point mentioned under the plan. This will help you determine what’s best for your business. We will be pleased to assist you in this process. Contact us now to keep your business in safe hands.