+65 8874 7011
Menu

Covid-19 (coronavirus) and your business

Confused about how Covid-19 affects your business insurance? Get answers at our Covid-19 FAQ.
If you have employees, protect them with Covid-19 Infection Insurance.

Business Interruption Insurance in Singapore

From $9/month. Compensates you for lost business income.

Buy online in 3 mins
Compare quotes from leading insurers

Save up to 25% on premiums

Quick quotes for all products

Advisors available 7 days/wk

Instantly calculate your Business Interruption Insurance premium:

Business Interruption Insurance provides you cash benefits to pay for expenses if you temporarily can't operate your company - e.g. due to fire, flooding, or other causes.

This type of insurance gives you a cash payout when you cannot run your business normally. This interruption could be from a fire, burst pipes, or many other causes. Provide gives you the easiest & quickest way to purchase Business Interruption Insurance.

What does Business Interruption Insurance cover?

1) Loss In Gross Profits: Pays for lost gross profit for the period that you couldn’t operate your business.

2) Increased Cost of Working: Pays for additional expenses that you incur (e.g. extra workers, repairmen, etc.) while your business is recovering from a loss event (e.g. recovering after a large fire in your factory).

3) Loss of rent receivables: Pays for rental income that you could not collect while your business could not operate.

Do I need Business Interruption Insurance?

Business interruption insurance is very helpful if you:

  • Are worried that you will lose customers if you are unable to operate your business due to disruptions
  • Want to protect your business revenue streams
  • Are unable to continue to manage the business after allocating additional cost to the repair and reinstatement of the property/equipment due to the accident
  • Are unable to estimate the potential cost of rectification works after the disaster
  • Want to limit the amount of liabilities associated with disruptions to your business

How much Business Interruption coverage do I need?

The coverage amount needs to take into account the current revenue, potential revenue and the period of restoration after the disaster incident. Many businesses often make the mistake of underestimating the cost of repair & restoration, and this expense could snowball to a large amount if the period of restoration take months or years to bring the business back to a fully functional state.

Specialised equipment is typically more expensive to re-purchase or make, or reallocation of business premises could be made more difficult in an inaccessible country/ state. As each business is setup differently, owners need to evaluate the following points which would ultimately determine the cost of the insurance policy:

  • Expected growth and inflation
  • Moving and relocation costs
  • Costs associated with doing business from a temporary location, such as exterior signs and other advertising
  •  Bills you have to pay, such as building maintenance fees
  • Employee costs for staff who won’t be employed during the rebuild, including employee benefits and workers’ compensation insurance

How much does Business Interruption Insurance cost?

Coverage starts from just $9/month. Provide’s online platform saves you up to 25% on your premiums, and we pass every dollar saved back to you.

Get Business Interruption Insurance from $9/month. Speak with us today!

  • This field is for validation purposes and should be left unchanged.
Information
Popular Industries
Types Of Insurance
Contact