Has Your Business Considered Business Interruption Insurance?
A new client told me a story about how his warehouse was flooded and his business could not operate.
I asked did you have business interruption service? He answered no, what is that?
Business interruption insurance helps protect against lost income due to a covered peril listed in your business owners policy. Covered perils typically may include fires and floods depending on your policy.
Let's say a flood damaged your business. The flood leaves the building inoperable for business. Business interruption coverage may help reimburse you in two ways:
(1) For lost income from not operating and
(2) For extra expenses if you must relocate your business temporarily because of the flood
Unfortunately, my new client was unaware that this type of insurance existed.
With over 20 years of experience serving a wide-range of businesses (startups, solopreneurs, family businesses to publicly traded companies) I have helped provide business consulting on many issues.