19 February 2024
Business Interruption Cover & Supply Chain Extensions
Business interruption cover helps protect businesses from financial losses resulting from disruptions to their normal operations – like damage to property following fire or flood, equipment breakdowns or other unforeseen circumstances. There are other disruptions, too, from beyond a business’s premises, like supply chain problems and import/export delays.
Since Covid, supply chain issues have been a big headache for a lot of companies and, married with a slow in consumer spending and a rise in inflation, have caused a lot of disruption. Yet not all business have found these challenging conditions an insurmountable storm; some, like Newcastle-originated Tommy Tippee, who recently announced an 8.7% rise in profits, to 220M, have steered their ship to increasing profit, despite the drag in consumer spend and those continuing supply chain frustrations.
How can businesses large and small prepare for and offset disruption? Is the answer extending your business interruption cover to incorporate wider supply chain implications? Let’s take a detailed look at the importance of supply chain extensions.
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Specified suppliers’ extension
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Specified customers’ extension
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Import/export issues and challenges
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Business continuity planning
Other blogs that may be of interest:
The Perils of Buying Business Insurance Online - Ascend Broking Group Manufacturing Recruitment: Challenges in 2024 - Ascend Broking GroupAny questions? Please don’t hesitate to contact one of our team.
Chris.buchholz@ascendbroking.co.uk| Mobile: 07842 021430
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