Business Interruption Insurance Information
If your company’s building is damaged, your property insurance helps pay to rebuild or repair the physical structure. However, it may be impossible for you to safely continue to do business there while your building is under construction. Business interruption insurance can help pay some of your company’s most essential bills if you must close temporarily after a covered event.
To learn more about the coverage you may need for your business, contact Remo insurance Agency in Oxon Hill, Maryland.
What Is Business Interruption Insurance?
Business interruption insurance helps you pay everyday bills if your business must shut down after a covered event.
Do I Need Business Interruption Insurance If I Have a BOP?
If you have a business owner’s policy (BOP), you may already have business interruption insurance along with commercial property insurance, general liability insurance and data breach insurance. Even without a BOP, you can add business interruption insurance to your company’s coverage. Only a small percentage of businesses are eligible for a BOP policy.
Business Interruption Coverage Restoration Period
Your company’s business interruption coverage restoration period is the length of time your policy will help pay certain costs and bills. There may be a 48- to 72-hour waiting period before you can receive income coverage. Talk with your agent about the details of your business interruption insurance policy.
Extra Expense Insurance
Extra expense insurance can help cover costs associated with avoiding a complete shutdown of your company.
What Does Business Interruption Insurance Cover?
If you must shut down your company after a covered loss, your business interruption insurance policy can help you cover ongoing operating expenses, such as:
Payroll for employees
Training costs to help employees learn to use new equipment after the loss
Expenses associated with renting an alternate location so you can temporarily run your company
Monthly or quarterly taxes
Mortgage, lease or rent payments due on the space undergoing repairs or being rebuilt
How Much Does Business Interruption Insurance Cost?
Your business interruption insurance policy premiums are based on several factors, including your company’s industry, the amount of coverage you choose, and the number of employees.
Your agent can help you get personalized quotes from multiple insurers to help you get the best value for your business.
Get the Business Interruption Insurance You Need
No one wants to think about the devastating effects of a storm, fire or other incidents that may cause significant damage to their business. This policy provides essential coverage that can help keep your company afloat if you must close to allow for repairs.
Talk with the experts at Remo Insurance Agency to learn more about how this valuable coverage can help your company in the event of a forced shutdown.