One pharmacy client of Guild Insurance sustained severe water damage after a large truck drove past the pharmacy and pushed a "bow wave" of accumulated storm water into the pharmacy. They were forced to close their doors for six weeks. Another pharmacy was completely gutted by fire and unable to rebuild for more than a year due to circumstances outside of their control.

What impact would that have if your pharmacy was disrupted by damage? How would you cover costs such as staff payments and lost business income while you were unable to trade?

This is where sufficient Business Interruption cover is vital in providing you with cover for ongoing business expenses, increased cost of working and loss of income due to disruptions to your pharmacy caused by insured damage.

Think this will never happen to you? The occurrence of incidents such as fires in pharmacies are more common than many would realise. While major losses often draw media attention, a number of small incidents go largely unreported. Even a break-in can cause sufficient damage to cause missed trading days.

While isolated incidents can be trouble enough, a disaster in a region can lead to even greater disruptions. In the event of a disaster the demand for construction and like services can surge and delays can be longer than expected. In the wake of the 2007 Gisborne earthquake, Insurance Council of New Zealand reported that a number of businesses in Gisborne were underinsured for the cost of having their business out of action.

In these circumstances if you were underinsured for Business Interruption cover you'd be left to pay ongoing out-of-pocket expenses, which can quickly add up.

It's crucial to not only have the right insurance in place, but also the right support from your insurer. Guild Insurance is a direct insurer meaning you deal with us from start to finish - no brokers and no intermediaries. We understand that your first priority is to keep your pharmacy up and running and our service commitment is about helping you do just that.

For more information on Business Interruption cover contact us

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