Business Interruption Insurance
Definition:
Insurance coverage that protects a business in the event of natural disaster, fire or other extenuating circumstances that affects the ability of your company to conduct business
When a hurricane or earthquake puts your business out ofcommission for days–or months–your property insurance has itcovered. But while property insurance pays for the cost of repairsor rebuilding, who pays for all the income you’re losing while yourbusiness is unable to function?
For that, you’ll need business interruption coverage. Manyentrepreneurs neglect to consider this important type of coverage,which can provide enough to meet your overhead and other expensesduring the time your business is out of commission. Premiums forthese policies are based on your company’s income. Check with yourinsurance agent or broker to find out more about coverage in yourarea.
