What is Risk Management Insurance? - Managing your Financial

Adding additional Risk management and insurance is a simple but necessary addition to any business insurance plan. It?s designed to protect your business financially in the event that a covered risk prevents you from operating effectively for a period of time, causing losses. But why might you need business interruption insurance?

Fire & Natural Disasters

If a fire destroys your building, it can take weeks or months before normal operations can be resumed, and in most cases, income would be lost during that period even though many regular business expenses would continue. The same situation arises when natural disasters strike. Does your current insurance policy cover you for business interruption? And if so, does it cover you if that interruption is due to earthquake or flood or only for other events?

Your Suppliers

Let?s say that you?ve taken out cover for business interruption after a disaster ? but what if a disaster destroys the premises of your biggest supplier, rather than yours, and they?re suddenly unable to supply you? If you?re unable to find a replacement supply, that too could bring your business or production to a halt.

Contingent business interruption insurance can offer you cover for losses in those types of circumstance.

With any business interruption insurance however, it?s vital to know what exclusions apply and source additional cover if you need it. Do you need to add this type of cover to your business insurance policy?

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Source: http://www.alfredbusiness.com/what-is-risk-management-insurance/

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