Business Interruption Insurance
Getting your business back on track.
We know your business can’t afford to stop or slow down. When unforeseen events cause an unexpected interruption, business interruption insurance can help keep your cash flow going and get your business up and running again.
Your guide to business interruption insurance.
Business interruption insurance is designed to help your business when you need it most. If your business is forced to stop operations due to circumstances outside of your control, it can be financially devastating. Whether it’s a forced closure or natural disaster, business interruption insurance is there to help cover your costs.
Most policies include coverage for:
- Lost profits
- Operating expenses such as mortgage, rent, lease, payroll, taxes and loan payments
- Temporary relocation costs
- Additional training costs
- Reasonable extra expenses
Supporting businesses across Canada.
Get your business interruption insurance by phone or in person at your nearest branch.
Common coverages to keep you going.
Business interruption insurance can vary depending on your unique needs. These are some of the different coverages that can be included in your policy.
Business Income Coverage
This can help replace lost income and/or pay operational expenses if your business is forced to shut down for a period of time.
Extra Expense Coverage
This can help pay for additional costs that will keep your business up and running after an insured loss such as renting a temporary location.
Contingent Business Interruption Coverage
This can help offset losses you may experience if one of your core suppliers or business partners experience a disruption in their operations.
Civil Authority Coverage
This can help your business recoup losses if your business is forced to close due to government-mandated closure. For example, a mandatory evacuation order.
Why choose Acera Insurance for business interruption coverage?
Our risk advisors and in-house claims team are here to set you up with the best possible solution and ensure you’re taken care of in the event of a claim.
Industry-Leading Expertise
We’re specialists in insuring business operations to mitigate loss of profits, clients, employees and potential damage to reputation.
Impartial Advice
With no ties to insurance carriers or foreign investors, you can be certain we’re providing impartial, expert advice and customized coverage for your unique needs.
Dedicated Claims Support
Our in-house claims team is here to assist with the investigation, presentation, negotiation and settlement of claims, including litigation support.
Helpful tips from our advisors.
Acera Insurance brokers will have detailed discussions with you to identify your unique needs and potential scenarios that could impact business continuity to ensure you have adequate coverage in place.
Answering your most common questions.
How does business interruption insurance protect my business?
If you’re forced to close, you lose your income but your expenses don’t stop. You still need to pay your rent, your utilities, your suppliers and your employees. A closure can greatly impact your ability to make these payments. With business income protection, this difficult time will be made easier.
What does business interruption insurance protect against?
Business interruption insurance can be evoked when there is a forced closure of your business, such as these following scenarios:
- Mandatory evacuation order
- An insured claim
- Civil authority denying access (such as if there was a fire in your office building)
- A contingency that impacts your ability to operate
- Injury to owner or employees halting business
Not every business income protection policy will cover all of the above-listed scenarios for every business. It’s also important to keep in mind that you may not receive reimbursement to get your business operating to the level it was before the catastrophe. Usually, your policy is there to help you get back on your feet – providing your service or selling. The exact length of time you’ll be eligible for business interruption will depend on your policy.
How is income determined with business interruption insurance?
Generally, your business income is the gross profit of your business. This is evidenced by historical records of sales and expenses. However, each individual insurance company may have a different way of calculating the amount.
What’s the difference between business interruption insurance and commercial liability and commercial property insurance?
Commercial liability insurance covers you in the event that your business operations cause injuries or property damage to a third party, such as a client.
Commercial property insurance would cover your business’ physical building, inventory and other assets in the event they were destroyed or damaged (so long as the damage was caused by something you’re insured for).
Neither policy would cover your lost income during the time of recovery. This is where business interruption insurance becomes important. It can help pay for the company’s ongoing costs, like utilities, taxes, rent and payroll.
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