We can't give you an exact cost because every business is different. Business revenue insurance costs are based on how much it would cost to offset replacing a key person who is no longer able to fulfill their duties due to critical illness, death or disablement. As a result, insurers take these factors into consideration when calculating your premiums.
Business revenue insurance, as the name suggests, is designed to protect your business' revenue. It provides the funds you need to return the business to the financial position that it was in before a key person was forced to leave or passed away. You can spend those funds on hiring and training a replacement, paying ongoing overheads, rebuilding client relationships, protecting your profit or looking after your revenue in some other way, it is entirely up to you.
The purpose of business revenue insurance is to offer much-needed financial protection for your business. The simple fact is that the loss of a key person could create significant issues for your business that could in turn lead to a loss in revenue. You could lose clients or your business may lack the strategic direction and expertise that your previous employee offered.
Business revenue insurance claims are decided on a case by case basis and rules vary between insurers. Here's a general overview:
Here are a few other important types of business insurance you should consider taking out:
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