We have provided a brief general description of various covers outlined in this section, this is not intended to constitute or replace personal advice. As always you should read and consider the relevant Product Disclosure Statement to ensure it is suitable for your needs. For personal advice you should contact our office and speak with one of our qualified team.

Business Interruption

This type of insurance is also known as Consequential Loss, or Loss of Profits.

Although statistics show that 42% of all business do not have this cover, we believe it to be one of the most important covers to have in place.

Whilst your business premises, stock and fittings etc will be replaced or rebuilt by the Fire section of the policy in the event of damage, this may take considerable time.  During this time you may still have overheads such as finance repayments that you will continue to have to pay, salaries for key staff that you do not wish to lose, as well as your own personal drawings all without any income into the business.

Its important to note that Business Interruption cover does not stop once you reopen, but continues to contribute until your business is back in the same position as it was prior to the claim occurring.

By way of example, if you have a printing business that is damaged by fire.  It may take 6 months for the premises to be rebuilt and for new machinery to be obtained and installed.  During this 6 months a number of your key customers may be forced to utilize the services of one of your competitors whilst you are unable to operate.  Once you have reopened you may not have all your key customers return and it may take a further 6 months to build your business back to the stage it was.

Business Interruption can also be tailored to include cover for the following costs;

  • Additional Costs of Working – you may have to rent alternate space at a higher rent level, pay staff overtime, incur advertising charges to let customers know where you are, costs incurred in relocating phone lines/data lines etc.
  • Claims Preparation Costs – Covers the costs incurred by your accountant or other professional in preparing your claim.
  • Suppliers/Customers Premises – Your business may be reliant on a single supplier or customer, if that customer or suppliers premises are damaged and they are unable to trade it will have a direct financial impact on your business.

70% of businesses that suffer a major loss from fire or storm either do not reopen or fail after reopening.

This type of insurance is one of the cheapest on a per $1,000 cover basis to buy, and again we believe it to be one of the most important covers to have.

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At Austbrokers Southern, we listen, we act and we get the job done!

Austbrokers Southern is the South Coast’s leading Insurance Broker providing insurance for businesses and individuals for over 25 years. Austbrokers Southern, previously known as M and F Agencies is the South Coast's leading insurance broker.

Austbrokers Southern is part of the national Austbrokers Network, established in 1985.

Austbrokers significant growth has been largely achieved through the acquisition of equity in selected insurance broking and financial services businesses that allows individual brokers to retain a significant interest in their own broking business.

Austbrokers Southern will provide you with our individual commitment to always look after you, not only at the time of placing the insurance, but providing full support when you have a claim. This is when your insurance really needs to act.

We are known for our integrity and ethical dealings with our clients, insurance providers and colleagues within the Insurance Industry as a whole.