How can your company deal with an interruption?
Imagine what would happen if your business was suddenly hit with a serious emergency such as a fire, extreme weather event, act of vandalism, or so on. While you likely have the necessary insurance to cover any repairs that your business might require, do you have the right insurance to cover your business’s temporary closure? If not, then it’s likely that your company would fail due to the lack of revenue coming in. This is why it’s so important to get business interruption insurance for your company. Not sure what this coverage can do for you? Here’s what you need to know about business interruption insurance.
What is it?
Business interruption insurance is a type of policy that provides your company with the necessary coverage to maintain normal business operations even if your company is temporary closed. Essentially, having this coverage will make up for lost income and allow your business to temporarily halt its services without taking a major financial hit.
What does it cover?
Generally, business interruption insurance offers coverage to make up for the profits that your business would have made if business had proceeded as usual. Additionally, this type of insurance will also cover your business’s normal operating expenses, such as your employees’ wages and your business’s rent. In some cases, business interruption insurance can even cover the costs associated with moving your business to a temporary location while your main location is being repaired.
The best way to protect your business from having to close its doors permanently after a major emergency is by having the right business interruption coverage in place. For assistance with getting your business the coverage that it needs, contact the experts at Scavone Insurance in White Plains, New York. Our dedicated team is ready to assist you with all your insurance needs today.