Cover Your Losses with Business Interruption Insurance

Cover Your Losses with Business Interruption Insurance

Business interruption insurance can help your business get through tough times.

Standard property insurance covers physical damage and losses to your business’ property. Events like a fire destroying your business, storm damage, theft, and other things are all covered under a typical business insurance policy. While these damages are covered, what will cover your business while repairs are being done? Can your business survive the weeks or months it will take to get everything back up and running? For this, you’ll need business interruption insurance. Here are some things you need to know about business interruption insurance.

Provides Financial Coverage to Your Business

Construction may be covered under your current policy, but what about your revenue? With closed doors, it will likely take a hit and that may be something you and your business cannot afford. When your business is shut down due to a covered damaging event, you are going to lose revenue. Business interruption insurance can cover:

  • Fixed expenses like rent and utility costs.
  • Average revenue that is lost due to the closure.
  • Expenses of operating your business from a temporary location.

Purchasing Business Interruption Coverage

Business interruption coverage is not sold by itself, meaning that you have to add it to an already existing form of business insurance.

  • Commercial Property Insurance – You can add a rider or endorsement policy to your property insurance that will extend the policy’s coverage to cover your business interruption losses.
  • Business Owners Policy (BOP) – This policy is intended for small businesses and includes property, liability, and interruption coverage.
  • Commercial Package Policy (CPP) –CPP’s are customizable policies that offer a range of options that includes business interruption coverage.

For all of your business insurance needs to ensure you have the right interruption coverage, contact Miller Insurance Associates in Carlisle, Pennsylvania.