Insurance Claim, Insurance Policy

Business Interruption Insurance typically replaces business income lost as a result of a fire or named natural disaster. Be aware, however, that most policies do not pay if your business is forced to relocate or cannot operate because of an earthquake, act of terrorism or flood, unless you have specifically requested supplemental coverage for such events. Also note that there may be a 48-hour waiting period before your policy begins payments on a claim.

Business Interruption Insurance generally compensates for lost income, any profits that you can demonstrate would have been earned if the covered event hadn’t happened, and expenses such as utility bills that continue to be incurred while your business is unable to operate. Some policies will also cover the costs of operating from a temporary facility while your main place of business is being repaired, however this type of coverage is usually handled by an Extra Expense rider.

Rates for Business Interruption Insurance are affordably priced. Premiums will depend on the amount of coverage you need and the type of business you operate. For example, premiums for a business that has a higher risk of interruption from fire (such as a restaurant) would probably be higher than for a bookkeeping business. When seeking quotes for Business Interruption Insurance, be sure your policy limits are sufficient to cover your operations for more than a few days; people often underestimate the time it takes to get a company back to normal after a disaster. Also ask about supplemental coverage for Extra Expense Insurance and other policies to provide protection for potential perils specific to your type of business.

You can get competitive quotes for Business Interruption Insurance from one or more companies by using the form at the top of this page. If you don’t wish to purchase insurance now, please leave your current policy expiration date on the form provided. When your expiration date is closer, you will be contacted so that you can comparison shop for Business Interruption Insurance at that time.