Business interruption (BI) is arguably one of the most complicated insurance covers that food and agri companies buy and yet many do not give it the specialist attention it deserves. This can leave firms with a policy that doesn’t fit the underlying risk profile of the business and insurance that responds inadequately following a loss.
Estimates vary, but some sources point to as many as eight out of ten businesses failing within two years following a significant inadequately insured business interruption loss. Whatever the rate of failure, there is no doubt that having the correct cover will give food and agri firms essential funds that will help them protect their balance sheets and allowing them to rebuild their business.
The trouble is that many of the businesses in the food and agri sector do not have the in-house expertise required to avoid common pitfalls or to ensure their business interruption policy is set up to see them effectively through a loss.
This bulletin addresses some of the common problems faced by these companies, explores the loss mitigation expenses and additional costs, extension to standard cover and how you can go about getting specialist advice.
Download Business Interruption Bulletin
For further information, please contact Jon Miller, Head of Regional Food & Agri Practice on +44 (0)121 626 7806