Business Interruption / Consequential Loss (BI/Con Loss)
In the event of physical loss, companies that has to close down partially or completely while the premises are being repaired may lose out to competitors or simply lose profit. The income of your business may be just as important to you as your buildings, machinery and all other contents. You can safeguard the income lost following damage covered by Property All Risks Insurance by arranging suitable Business Interruption insurance.
Remember that a Property All Risks Policy only covers material damage to physical property, and would not cover consequential losses such as a reduction in your profit, an increase in costs, or provide cash to pay for normal ongoing expenses such as salaries and rent.
Our experience is that most business which suffer a fire or other serious calamity closedown permanently. This is an avoidable risk, and is why Business Interruption is such a vital form of cover.
Pitchayut Peeratiphat
Department Manager – Corporate Risk Services
+66 (0) 2 635 5000 (Ext. 6502)
pitchayut@lockton.com
Kasinee Boonkittiwattana
Senior Director – Corporate Risk Services +66(0) 2635 5000 Ext.6100 Kasinee@lockton.com
