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Are You Covered in Case of a Business Interruption?
If a fire caused your business to temporarily close, what would you do? Ideally, you would move to a temporary location while your permanent place of business was being repaired. While the fire damage to your property would be repaired by your Property Insurance policy, Property Insurance does not automatically cover the loss of income or extra expenses you might incur as a result of the fire. Business Interruption Insurance, also known as Business Income coverage, will provide coverage for these exposures.
What is included in a Business Interruption Insurance Policy?
Considerations for Business Interruption Insurance
What is Extra Expense Insurance?
Extra Expense Insurance is another valuable addition to a Property Insurance policy. This additional coverage provides funds to cover additional (or extra) amounts incurred to run your business as a result of a covered loss. Depending on your loss, Extra Expense Insurance may be sufficient to provide financial relief without having to utilize Business Interruption Insurance.
Insurance experts agree that Business Interruption Insurance is the most valuable additional Property Insurance coverage available. Yet, it is often overlooked by business owners. Since Property Insurance only covers the cost of physical loss or damage to buildings and contents in the event of a disaster, Business Interruption coverage provides coverage vital to maintain cash flow while your permanent business location is being repaired.