What is Business Interruption Insurance?

Are you a business owner? If so, a Business Interruption Insurance policy is a valuable asset to have to protect your company. Business Interruption Insurance acts as a safety net during unexpected events to keep you from having to close up shop for good. If you have to close for a period of time, for any reason, that doesn’t mean you can just stop paying your bills when you stop bringing in revenue. Instances that may require your business to close include:

  • Fire
  • Hurricanes
  • Floods
  • Vandalism
  • Equipment damage
  • Family emergency

Business Interruption Insurance can supply you with the funds you need during a temporary close so that you don’t fall way behind financially. Your policy can cover your lost net income during the period that you’re closed, and cover the expenses you incur during the time, such as your mortgage, advertising, taxes, and salaries. If you need to temporarily relocate, your Business Interruption Insurance coverage will also pay for your temporary space, and any advertising costs you may require in order to let your customers know you’re in a different location until you can return to your primary space.

There are several additional options that most Business Interruption Insurance policies offer. These include:

  • Extra expense coverage, which covers costs that exceed your company’s daily operating costs
  • Dependent property coverage, which covers times when your company is unable to get the supplies it needs due to issues with your supplier; if your customers are unable to receive goods or services from your company; or if manufacturers fail to complete your company’s orders
  • Utility services coverage, which provides coverage if your basic utilities (electric, gas, or water) become unavailable/service is interrupted, and your business cannot operate as a result
  • Civil authority coverage, which provides income for you and your employees in the event that your business is forced to close, in instances such as emergency evacuations or natural disasters

Finding a Business Interruption Insurance policy that suits your business’ specific needs is important when you own a business of any size. Depending on what you need, insurance providers can build custom policies to make sure that you have the coverage you require, without paying extra for options you won’t use. InsuranceQuoteOnline.com is your source for insurance quotes from leading providers, so use our form today to get the Business Interruption Insurance policy that you need today!

Comments (0)

Leave a Reply