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Fire & Water - Cleanup & Restoration

Business Interruption how to Stay Open

3/16/2020 (Permalink)

Operating a business is no simple task. It is a complex, time-consuming venture that requires being ready for anything. When a disaster strikes that requires a rebuild, businesses can gain peace of mind by having business interruption insurance. Instead of worrying about paying the bills and closing the doors to income, this add-on insurance can help keep a business afloat and make it easier to get back to normal.

Typical Coverage

When a rebuild is necessary due to flooding or water damage, fire or other natural disasters, time becomes a challenge. A closed business for an extended period of time could result in the business failing. While all policies are a little different depending on the insurer, interruption insurance often covers the following:

  • Lost Profits – Get reimbursed for lost earnings based on previous performance.
  • Static Costs – Day-to-day operating expenses.
  • Temporary Relocation – If it is possible to operate from another location, many policies will cover this cost.
  • Employee Wages – Keeping employees is key to succeeding. This allows for payroll to be met.
  • Taxes – No matter what happens, taxes are due. This coverage can eliminate the headache of additional penalties.
  • Loan payments – Even if there is no income, it’s important to pay loans on time. Business interruption helps you stay on track with debtors.

Additional Peace of Mind

A disaster quickly becomes an eye-opening experience. If equipment or machinery needs to be replaced, that often means training people to use it. Depending on your policy, this add-on may help cover some of those costs. It also works with your primary commercial property insurance. While the main policy will cover the physical damage, the interruption portion will ease the burden of the immediate financial damage.
While no business expects to have to rebuild, anything can happen. Adding a little extra insurance can go a long way in keeping your business thriving.

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