Work out what the biggest risk of damage from one event might be. This will depend on the type of damage, so prepare for the worst case scenario.
Do your homework thoroughly to calculate the potential losses – BEFORE you decide how much business interruption insurance you can afford to buy.
Use the AIB BI sum insured calculator as a prompt for generic considerations. CHECK your financial statements and expenses for any items unique to your business.
Don’t underestimate how long it takes for church bodies to make decisions. Understand your organisations decision making procedures and take that into account when working out the length of time you think that it will take to recover.
Which of your operating costs are fixed irrespective of how long you are out of action, and which are ongoing until the damaged item is replaced or repaired.
Is your income affected by how long it takes to repair/ replace damaged buildings/ equipment? Does the impact reduce over time?.
Allow for time to obtain consents.
In the worst case scenario will other organisations be competing for engineers/ builders etc.
You can request a greater indemnity period than the policy provides.
If you are not sure – ask.
List all assumptions and review regularly.
Please understand that this checklist is intended as a guide only and should not be used in any other context, or as a replacement for tailored financial advice.