Why do you need business interruption insurance?
Guest Houses earn no income if there are no guests – this can happen in the winter months for example, but imagine that an event occurs over the peak season that means you have to turn away guests and refund deposits. Your source of income is promptly taken away and even deposits received have to be returned.
The financial repercussions of such an event could cause irreparable harm.
What is business interruption insurance?
Business interruption is insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in your commercial activities due to the occurrence of a specific peril.
What does business interruption insurance cover?
The aim of business interruption insurance is to place you, the Guest House owner, back into the same position as if the event had not occurred. Typically it covers:
- Income / profits you could have earned had you not had to cease operations due to an insured peril.
- Some operating expenses that may still have to be paid even if the business is temporarily not operating.
Incompass would be delighted to discuss your insurance needs and provide you with a free quotation based upon your specific circumstances.
To contact Incompass, the Guest House Insurance experts please use the contacts below: