Business interruption

Protect the profit and loss statement of your company

The main purpose for most businesses is to create a positive net result. This will enable the business not only to survive in the long run but also to grow and develop.

The property insurance covers the interest of the property itself. The business interruption insurance will protect the net result of the insured by compensating the financial loss after a loss.

A bit simplified you can say that the property insurance protects the balance sheet and the business interruption insurance protects the profit and loss statement.

  • Hotwork continues to cause major fires

    Fire losses resulting from errors made and risks taken during hot work are all too commonplace. Failure to implement the simplest safety measures can result in expensive claims, impacting business operations from project delays to, in the worst case, loss of life.

    Learn how to limit fire incidents
  • Understanding electric vehicle fires

    The popularity of electric vehicles (EV) and the use of lithium-ion batteries is booming. However, the risk of fires in EVs has received attention due to widespread concerns. One such concern is related to the fumes that rise from a burning vehicle.

    Learn about the special risks with EVs
  • Securing fire doors and fire sliding doors

    To see the importance of having fire rules and fire prevention work,
    we must turn back the time. Large city fires have been a major problem during the past. What should be considered with your passive fire protection? 

    Read about the importance of fire prevention
  • Managing Cargo risks and losses

    Protecting your goods in transit, or in intermediate storage in conjunction with an insured transit, from loss or damage is vital. For many manufacturing and wholesale businesses, the supply chain is an instrumental part of daily operations.

    Read about our new insurance solution
  • Getting ready for a change in European standards

    In November 2019, the coexistence phase for the harmonised European product standard EN16034 expired. After this date all exterior and industrial fire doors should be CE marked. No national approvals are valid since then.

    Learn more about the CE marking
  • Mitigating snow load risks

    The cold months are here, and with them come snow, wind, rain and ice. Even though accidents happen all year round, there are several incidents that specifically occur during the wintertime.

    How to prepare your business for the winter?
  • Putting fire safety first

    The likelihood of fire hazards in modular constructions has received new attention after the Moorfield Hotel fire in the summer of 2020. In this article, we will take a deep dive into the risk of fire hazards in especially modular and prefabricated buildings. 

    Read how to minimise the risk of fire hazard
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    Understanding external dependencies

    Dependencies on suppliers and partners, or any other parties outside the company can be impacted by perils such as fire, machinery breakdown or natural hazards, which can have an impact leading to serious business interruption, losses and increased costs.

    Read about business continuity management
  • rusty pipelines.

    Consequences of aging infrastructure

    The discussion on deteriorating infrastructure has been heating up after shocking accidents like the Ponte Morandi bridge collapse on A10 motorway in Genoa, Italy last year. Continuous monitoring and maintenance of infrastructure is critical to minimise risks and prevent losses.

    Read about consequences of aging infrastructure
  • industrial robots working on conveyor belt.

    Protecting your industrial control systems from cyber-attacs

    It is important to understand that hacking of Industrial Control Systems (ICS) may cause injuries, loss of life, material damage or business interruption. A Denial of Service (DoS) attack or a ransomware spreading across your organization can make production systems unavailable or misbehave.

    Learn how to protect industrial control systems
  • fierce warehouse fire.

    Hydraulic oil fires - what to look for?

    The most simple and reliable way to prevent a hydraulic oil fire is to replace mineral oil with non-combustible fluid. Using electric or pneumatic drives instead of hydraulic drives will also prevent hydraulic oil fires. 

    Read what you should know about hydraulic oil fires
  • lightning strikes solar panels.

    Solar panel fires

    Recently, media outlets from Japan to Norway have raised questions around fire safety and solar panels. Even when fires occur for reasons unrelated to solar panels, these modules can in fact play a role in both the intensity and speed of a spreading blaze.

    Read more about preventing solar panel fires

Close collaboration decisive after major fire

How do you rebuild a business when the unthinkable happens? The forestry group Holmen and If had to display both strong collaborative skills and ingenuity when a fire had ravaged one of the group's paper mills.

What would prove to be one of If's biggest ever claims in recent years began on a perfectly normal Friday afternoon in November 2015. Just after 6 pm the emergency services received the alarm – a fire had started in the Hallsta paper mill to the north of Norrtälje. It spread quickly, and although the emergency services managed to put out the fire in one and a half hours, the damage was extensive. Read the whole article

Photo: Holmen/Lasse Hejdenberg

Dependencies and Business Interruption

Business Interruption Insurance is always triggered by indemnifiable property damage, though there are some exceptions when certain extensions are incorporated into the insurance policy wording (e.g. the business is affected by a damage that occurs outside of the premises of the Insured). Therefore you have to take a wider perspective when you look at your Business Interruption cover and take into consideration the dependencies of your own business. Read the whole article

Global trade disrupted by cyber attacks

As an insurer we are well aware of so-called "Black Swan" events, i.e. events that are deemed so unlikely that they are not really taken seriously when calculating risks. For many years this has been the case with cyber risks. Imperceptible. Unlikely. Intangible.

In June last year, global shipping giant Maersk Line, which handles one in seven containers shipped globally, was hit by a ransomware attack.

Read the whole article