Financial Loss Insurance

Protecting your business against financial loss is vitally important. Each client’s risk exposure is unique. At Michael Kennedy Insurance Group we will work with you to identify these risks which could affect your business and develop an approximate level of insurance protection to ensure that your business will survive an unexpected event.

Business Interruption

A Business Interruption policy is linked to property damage and provides indemnity for future Loss of Profits if a business is interrupted following a Fire or other insured peril. A number of future years anticipated profits can be insured to allow the business continue, retain key valuable employees and recover lost business during the interruption period. Michael Kennedy Insurance Group will assess projected trading activities, dependence on key suppliers, customers and other certain risk factors, then tailor the most appropriate and cost effective method of protecting your balance sheet.

Advanced Loss of Profits

Indemnity against loss of projected profit in a start up operation or extension project following a delay in the target commencement date caused by a material damage loss during the construction or testing commissioning period.

Machinery Breakdown

This policy covers against Financial Loss following Machinery Breakdown.

Credit Insurance

This policy compensates a business for non-payment for goods and services sold or supplied at home or abroad on Credit Terms. Domestic and Export Credit Risks can be covered on one Commercial Risks Policy.

Three types are covered:

  • Insolvency
  • Protracted Default on the part of the Buyer
  • Political Risks.

Fidelity and Third Party Crime

This policy covers against the risks of crime to protect the balance sheet against Financial Loss as a result of Employee Dishonesty, Third Party Fraud, Computer Crime, Forgery and Copyright Infringement.

Money Insurance

This policy covers against loss or theft of money:

  • From the business premises during business hours
  • Out of working hours
  • From a Safe or Strongroom
  • In transit to or from the business premises
  • In a Bank night safe
  • At the residences of Directors/Employees

Loss of License

This policy provides cover for Hotels, Public Houses or Clubs in respect of a reduction in the value of a licensed premises if the license is not renewed by the awarding authority.

Keyman Cover

Keyman Assurance is purchased on the life of persons critical to the operation, management, development or financial welfare of the business and protects against the cost of a business interruption resulting from their death or serious illness.

We set out hereunder issues that should be considered when assessing the level of cover required:

  • The affect on profits if a Key person dies
  • The cost of recruiting a replacement
  • The delay before the replacement begins to make a contribution to profits
  • The loans that could be recalled on the keyperson’s death
  • The present cash position
  • The level of profits in the past and projections for the next year.
  • The company is allowed to use the settlement in any way that it wishes.

Partnership Protection Cover

On the death or critical illness sustained by a company director there is an immediate Lump Sum paid to the survivors or to the company to secure the survival of the business.

The combination of Life cover, Critical Illness cover and other valuable benefits guarantee security and peace of mind for the business and the family on the sudden illness or death of a Director.

Kidnap, Ransom and Extortion

Covers kidnapping/alleged kidnapping, personal extortion, property extortion, wrongful detention and hijacking.

Cyber Risks / E-Business cover

Cyber risks insurance protects a company against financial loss as a result of loss or damage following a hack attach or receipt of a virus attack to its computer system.

Cover includes:

  • Cost of Clean Up
  • Loss of Profits
  • Defamation
  • First and Third Party Risks

Please contact us for more information.