Insurance News Archive

Business interruption policy 'vital' for small businesses

A comprehensive business interruption policy could act as a vital lifeline for small businesses.

Douglas Barnett, head of customer risk management at insurer AXA, explained how such a package could cover a small business if an unexpected event such as a fire or a break-in occurred.

Mr Barnett said that employers would be compensated for the amount that was lost in trading as a result of an interruption.

"It covers any interruption – if you are a retailer or a pub or a restaurant or whatever – if you opened and then you had to shut for three months or six months that could actually mean your business shutting," he said.

Insurance covering accidents incurred by employees as well as building, stock and contents cover were also incorporated into a number of packages.

15 Feb 2007