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Insurance policies can provide valuable protection against the risks that could have a negative impact on your business and result in financial or material loss.
Loss is one of these risks, although there are certain factors you need to consider before making a claim on this basis.
Insurance companies classify claims related to loss in a number of ways.
Generally speaking, the following scenarios are considered to be a sound basis for a claim against loss:
In the event of loss, your insurance may cover the income you haven’t received during the period of inactivity that results from said loss– that is, the time required to rebuild or repair the damage that has occurred. It may also cover the expenses you incur due to the build-up of overheads during this period.
Cover could extend to temporary relocation costs if you decide to operate from a different location on a short-term basis. This type of insurance is often referred to as business interruption insurance.
The following scenarios are generally excluded from claims against loss: