Do You Have Business Interruption Insurance?

4/11/2022 (Permalink)

If you own a business, you are probably aware of the importance of protecting your investment by purchasing property insurance. However, while property insurance can help you get your business running again, it doesn't pay for the income you lose while your business is inoperable. Interruption insurance can help keep your business from suffering financial distress while you wait for needed repairs. See what business interruption insurance can do for you:

• Replaces Lost Income
  Depending on how severe your damage is, it could take weeks or even months to fully restore your business to preloss condition. During this business interruption, you may not be able to operate at all, or may only be able to operate at reduced capacity. This coverage replaces income lost based on your past financial records, as long as is a covered cause of loss
• Helps You Pay the Bills
  You will need to pay the mortgage or rent on your facility, as well as any utilities that still need to be connected when your business isn't operating Don't forget about making payments on any business loans, paying your taxes and any other business expenses.
• Provides Money To Pay Employees
  Your employees probably can't afford to go without a paycheck while your business is shut down due to a loss. This insurance helps you keep employees on the payroll so that you don't need to hire new employees after you reopen.