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Business interruption (BI) is a major concern for all commercial entities. According to the Allianz Risk Barometer 2018, which collects insight from more than 1,900 risk management experts in 80 countries, BI is considered the most important corporate peril around the world – a title the exposure has held for the past six years.
It’s hardly surprising that corporate risk managers get headaches over BI. The risk is evolving rapidly, and commercial entities are facing an increasing number of BI scenarios, ranging from traditional fire, extreme weather and supply chain disruption, to new intangible triggers like network systems failure and cyberattacks.
The crossroad where BI and cyber converge is clouded with ambiguity. Lots of corporate risk managers are unsure how BI coverage responds in a cyber context, and many rely on their commercial property policies to cover a BI loss. However, property and cyber insurance policies respond to BI events in different ways and both coverages exist to meet specific needs.
“Physical damage BI is easy to prove. Your service goes down as a result…
