Business Interruption Policy Reviews
Structuring Business Interruption policies that fit the business requirements.
What We Do
Having prepared thousands of business interruption claims spanning numerous industries over the past 20 years, an all too familiar theme arises time after time, that being Under-insurance.
Our experience has shown that many businesses (and brokers) make honest mistakes truly believing they have adequately covered the business but unfortunately to their detriment.
The reality is that not many businesses, brokers or even Insurers fully understand the nuances that go into this cover section.
Using our decades of claims experience, we assist both brokers and businesses to establish the appropriate and adequate cover required ensuring the policy correctly responds to a loss – be that either a partial or total loss scenario.
What We Address
We initially review the existing policy as well as the most recent financial statements for the business to establish a base line cover.
From there, we meticulously address the areas set out in the policy to refine the cover to suit the specific business’ requirements. This includes a review of:
- Trends and future revenue
- Uninsured Working Expenses (directly variable costs)
- Separate Payroll Cover
- Adequacy of the Indemnity Period
- Additional Increased Cost of Working
- Loss of Rent –building owned as part of a SMSF.
With the correct structuring of the policy, its not always the case that we only recommend an increase in overall insured values. Often, the current insured values might simply need to be restated and set out in the correct cover categories.
Our Fees and What you Get
Our fees usually range between $1,100 to $1,900 excluding GST depending on the complexity of the business structure and whether a site visit is necessary. If it’s a more complex risk, we can provide a fee estimate.
- A detailed report explaining the proposed cover
- An excel calculation of the proposed cover
- An updated calculation the following year at 50% of the initial fee