Insurance

Pax Insurance: Business Interruption

Posted 4 months ago

Description

PAX Insurance's Business Interruption policy is designed to protect businesses from financial losses following damage at the insured locations caused by fire or any of the special perils. This policy is essential for businesses looking to safeguard their operations and maintain financial stability during unexpected events that may disrupt normal business activities.

Contacts

info@paxinsurance.co.ug timothy.ssali@paxinsurance.co.ug +256-312-266163 +256-414-233141

ADDITIONAL FMC INFO

The Business Interruption policy include Loss of Profits Coverage: The policy provides indemnity for the loss of profits resulting from the interruption of business operations due to covered events, such as fire or special perils. This helps ensure that your business can recover financially and resume normal operations as soon as possible. Wages for Staff Maintenance: Recognizing the importance of retaining key personnel during business interruptions, the policy also covers wages necessary to maintain staff during the interruption period. This allows your business to continue paying employees and maintain workforce stability. Increased Costs of Working: In some cases, businesses may need to incur additional expenses to minimize the loss of gross profit during an interruption period. The Business Interruption policy covers these increased costs of working, ensuring that your business can take necessary steps to mitigate financial losses. Maximum Interruption Period Assessment: To determine the appropriate amount of coverage, it is crucial to assess the maximum period of interruption that your business may face. This includes considering factors such as the possibility of relocating operations, the reconstruction period, and any other relevant factors. The policy allows you to select a suitable amount insured as the gross profit based on this assessment, providing tailored coverage for your business. Claims Support: In the event of a claim, PAX Insurance offers professional and timely support to help your business recover from the incident as quickly as possible. This includes assistance with processing the claim, assessing the financial impact of the interruption, and providing compensation as required under the terms of the policy.