It’s already extremely unpleasant when your business is affected by unforeseeable acts of God. But your building and inventory/goods insurance doesn’t cover damage caused when your company’s operations grind to a halt. If you want to cover that risk, take out a company damage insurance policy.
Company damage insurance covers the largest part of your fixed, continuous costs and offers reimbursement for loss of profits. The costs that you incur maintaining and restarting your company activities are covered by this insurance.
Company damage insurance protects the continuity of your company in case of fire or other disasters. We will gladly help you make a risk analysis, so that you can conscientiously make your own decision.
If you, for example, have to restart your company activities at a different location after a fire, that will incur many extra costs. Extra costs insurance will reimburse the extra costs of your temporary company building and any appliances or devices you will need to rent. This means you can start up again quickly.
Extra costs insurance is primarily meant for businesses that only need a modest investment to restore their workplace; for example, if you don’t need your own company building to continue making profit. Extra costs insurance or a different solution?
If damage will affect your profits, then company damage insurance is most likely more suited to your situation. Are you uncertain about which policy is the best fit? Ask us, we are happy to advise you.