Business Interruption Insurance. We’ll always find a space to carry on teaching our children – and the staff will keep turning up, so…. We’re a church, not a business, so what’s this got to do with us???. What we will talk about…. Why have BI cover?
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We’ll always find a space to carry on teaching our children – and the staff will keep turning up, so…
We’re a church, not a business, so what’s this got to do with us???
Assumes you DON’T start with what you can afford to pay in premiums!
Work out what the biggest risk of financial loss from one event might be.
Do your homework thoroughly to calculate the potential losses – BEFORE you decide how much business interruption insurance you can afford to buy.
Refer to policy for definitions
Keep the wording on the schedule simple so that cover is as broad as possible. Avoid any ambiguity!
If you’re not sure about BI insurance cover, get advice!
Don’t underestimate how long it takes for church bodies to make decisions!
Take that into account when working out the length of time you think it will take to recover.
Divide into 3 groups to consider: