·        BI insurance is more critical to business survival than property or liability insurance protection. Assets insurance alone is inadequate by itself. Financial losses can exceed the value of Material Damage losses. Large financial loss can eventuate from a low value material damage item.

·        Research of fire losses in Australia shows that 43% of businesses suffering a major fire (not necessarily a total loss) never re-open for business. Despite some form of insurance, 28% fail within 3 years. Only 29% survive.

·        Research by ICA revealed that Small Businesses made up 17% of GDP, employed 2,500,000 people, yet 42% had no business interruption insurance. Surprisingly, 17% had no insurance – that is nearly 1 in 6 of Small Businesses!

·        It is estimated that of those insured, 40% are severely underinsured and 15% significantly uninsured.

·        Small Businesses have limited access to financial resources; are likely to be highly geared with directors having given personal guarantees to secure loans making Small Businesses survival vulnerable if not insured adequately.

·        Basic concept of BI insurance is simple but arranging cover appropriate to the exposure can be a complex undertaking.

·        The complexity leads to inadequacies in policy responding to claims.

·        Problem areas are revealed when a claim arises.

Your insurance broker can assist with advice, checking and calculating sums insured.