Business Interruption Insurance
Orlando | Sarasota | West Palm Beach
Your hope is that no type of disaster or other event renders your company incapable of functioning. When such an event does take place, how will you manage to offset the loss of revenue that the business would otherwise generate? One strategy is to invest in what’s known as business income insurance or business interruption insurance.
What is Business Interruption Insurance?
Business interruption insurance is a protection or provision that is normally included within other types of business insurance plans, like property insurance or a business owners policy insurance plan. The goal is to provide financial resources that allow you to keep the business intact while working to overcome a disaster. In many cases, the benefits will continue for a period after you are able to resume operations.
Unless your company has a significant amount of contingency funds on hand, choosing to invest in business income insurance is an excellent way to ensure the money is there to keep the business going until the operation is up and running again. The funds can be used to purchase new equipment, train employees to use that equipment, and take care of the usual monthly business expenses like utility costs. If you have outstanding payments due to a supplier, the money can be used to settle those obligations. The proceeds from the claim can also be used to ensure you don’t miss any payrolls during the downtime, if necessary.
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Business Interruption Insurance Quotes
Business interruption insurance quotes are based on a number of factors related to your company, including your location and the number of employees. Many of the factors considered are unique to each industry. For example, if you operate a manufacturing facility, the cost of replacing everything on your production floor will be a consideration. Additionally, the type of events that you want to cover will make some impact.
Do you have business interruption protection as part of your current coverage? If not, now is the time to speak with an agent. Once we understand the unique situation of your company, our agent will provide one or more business interruption insurance quotes and explain how the coverage can be added to an existing policy. Once you have this in place, you can rest assured that your company is positioned to survive a wider range of potential disasters.Back to Business Insurance
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