P. 03 9583 5323 | F. 03 9585 2077 | E.

Why you need business interruption insurance

Posted on January 29, 2020 by admin

With many small businesses often being the livelihood for their entire families, owners should consider taking out business interruption insurance in order to safeguard against financial loss experienced as a result of incidents such as fire, floods, damage and burglaries.

With statistics showing one in four small businesses would not survive if they had to close their doors for three months, business interruption insurance can get you through a temporary crisis by protecting your cash flow.

Business interruption insurance provides cover against a loss of gross profit and differs from insurance covering business property, equipment and stock. This form of insurance covers the ongoing expenses that need to be paid even if a business is not generating any revenue, like staff wages, supplier invoices, rent or loan repayments.

Business interruption insurance claims can be one of the more tricky types of claims a business can make. Some common issues include:

Our services

GJ Norton services

accounting
services

In the constantly changing business environment, you can rely on our business services team to be expert, up-to-date and ready at hand to assist you with your business matters.

GJ Norton services

business
support

Thinking strategically about future changes in the marketplace can be the key to running a sustainable business. Our aim is to ensure your business has the flexibility and foresight to sidestep foreseeable difficulties and better respond to the unexpected ones.

GJ Norton services

company
secretarial

Communication and effective administration are essential elements of a successful organisation. Regardless of the size of your business, we are ready to support you with a team of highly qualified secretarial and support staff.

GJ Norton services

managing
your wealth

We can help ensure that your personal wealth is managed as tax-efficiently as possible. We can advise with:

  • Personal tax planning
  • Extracting profit from your business
  • Remuneration strategies
  • Planning for a comfortable retirement
GJ Norton services

taxation
services

We regularly deal with a broad range of personal and corporate taxation issues and make a point of understanding the individual needs of every client. Whether you need advice on company tax, personal tax effectiveness or indirect taxation including payroll tax and GST, our team will identify the best solutions for you.

GJ Norton services

specialist
services

In addition to our normal services, we have a developed specialist knowledge and expertise in the following sectors:

  • Business plans
  • Business start-ups
  • Sub-contractors

Why G J Norton & Co?

G J Norton & Co give you peace of mind by looking after your routine financial and accounting operations. But we also do much more than that.We use our business advisory experience and expertise to monitor your business and give you proactive advice on how you can improve your bottom line and net worth.

When you join G J Norton & Co you can look forward to: