Can You Handle A Business Interruption?
Here’s why you need business interruption insurance.
Imagine what would happen if your business was forced to temporarily shut down its operations. For example, think about what would happen if your business had to close its doors as a result of a fire, an extreme weather event, an act of vandalism, or so on. While you likely have the right insurance to address any physical repairs and losses that your business might face, do you have coverage to make up for the income your business will lose during its closure? If not, your business might not ever recover and a temporary closure might become permanent. This grim reality illustrates why it’s so important to have the protection that only business interruption insurance can provide. Here’s what business interruption insurance can do for your company.
What is it?
Business interruption insurance is a policy that provides coverage for your business in the event that it must temporarily close to deal with the damages caused by a covered peril. This type of insurance will compensate your business for the revenue it loses during a temporary shutdown, offsetting your company’s financial losses to prevent it from closing permanently.
What does it cover?
As mentioned above, business interruption insurance offers compensation to make up for the revenue that your business loses when business operations are suspended. Additionally, this type of policy can also provide coverage for your company’s normal recurring expenses, such as employee wages and rent. In some cases, business interruption insurance can even cover the costs associated with temporarily moving your business to a new location while your primary workspace is being repaired.
Having the right business interruption insurance is the best way to protect against the losses associated with a temporary shutdown. Interested in getting the right coverage for your business? Then don’t hesitate to contact the experts at Club Agency Insurance Brokerage in Garden City, New York. We are ready to get you covered today.