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Understanding your business interruption insurance
December 13, 2021
Whether you are a seasoned or novice business owner, you know your area of expertise. Even so, you need to have your own safety net for your company in case of an unforeseen event such as a hurricane, tornado, break-in or other major disruption.
Having adequate business interruption insurance can be that safety net for you. However, it’s important for you to comprehend the details of that type of insurance so you know how to make the wisest use of it.
Don’t just assume that everything is covered
It is essential to understand exactly what your business interruption insurance will do for you. It keeps your company financially afloat if for some unanticipated reason, you cannot conduct business for a specified period of time.
Your business interruption insurance coverage should take care of the following routine issues:
You may have to conduct business from new quarters for the time being while repairs are made to your usual location. With business interruption insurance, you are covered for payroll, taxes, relocation expenses, loan payments, rent and some other items.
Perhaps most valuable of all is the coverage for the income that your company would have generated if the disruption had not taken place.
Getting the business interruption insurance coverage you require
Business interruption insurance coverage isn’t an indefinite cushion for your business. There are limitations as to how long it lasts. You will want sufficient coverage but not an excessive amount.
Plan for the unexpected
Smart business owners have insight into what might happen in the future. They plan accordingly so the companies they manage continue as money-making enterprises despite setbacks. If you encounter trouble with a business interruption insurance claim, have someone facilitate the resolution of any snag. You don’t want anything to delay what you should be receiving.