Could Your Business Benefit From Business Interruption Insurance?
Business interruption insurance is a key asset to a business that is often overlooked by owners. This is largely because many business owners mistakenly believe that other insurance coverage will take care of everything if their operations were to be halted due to a peril. However, this is a costly mistake to make. Business interruption insurance can ensure the survival of a company, even after the unexpected. That means if your doors are forced to close while you repair, you can be sure they re-open again with the help of coverage.
What is business interruption insurance?
This coverage is designed to protect your business against loss of income due to a temporary disruption in the company. It protects businesses against the financial loss suffered as the result of a property claim. As many disasters force businesses to close their doors temporarily, this coverage helps you to cover the lost income and the cost of setting up your business in a temporary location.
What events does it cover?
While there are many different causes of business interruption, the two most common are fire and flood. No business owner ever expects these disasters to strike down their company. Unfortunately, when they do, they’re left without financial help. While stock, furniture, and equipment can be replaced immediately after a fire, a building may need to wait six months to dry out before it is safe to use again. If you can’t operate in the interim, you will lose revenue, possibly run out of money, lose valuable staff customers, too.
Does my business need this coverage?
The trust is, most businesses should consider having this type of coverage. Unexpected losses can interrupt or stall your business at any given moment, draining your funds quickly. What’s more, the unexpected can come in many forms, from floods, fire, to vandalism and theft. A disaster can be financing draining on any business, from replacing lost and damaged property to paying the bills and running payroll. Business interruption insurance can help you stay out of the quicksand.
At Kneller Agency, we work with you to find reliable and suitable insurance to protect against the unexpected. Visit us today in New York to get started on your tailored coverage.
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