Streetsmart insurance Blog
If your business is forced to shut down due to a disaster, you will have two major concerns – the loss of your property and the loss of business income. Although a property insurance policy will cover any physical damage to your workspace, it will not replace your projected earnings. Business income insurance (also known as business interruption insurance) can help you cover your expenses if disaster strikes.
A business income insurance policy protects business owners if they are forced to suspend operations due to a covered loss. Your policy will replace lost income, cover expenses, and pay for relocation while your property is being repaired. Coverage is available from the date of loss until the moment your property is restored and you can return to business as usual.
Business income insurance is not available as a stand alone policy. You can bundle business income insurance and property insurance together to cover any gaps in your policy, or combine them with professional liability protection in a business owner’s policy (BOP).
Optional Endorsements For Business Income Insurance:
Extra Expense Coverage – This endorsement pays for any expenditures above and beyond your normal expenses to keep you in business after a loss. This coverage can be used in conjunction with business income insurance or as a stand alone policy.
Dependent Property Coverage – This endorsement covers the interruption of any materials, products, or supplies that are necessary for you to conduct business. You will receive compensation if your manufacturer is unable to provide you with finished products or customers do not have access to purchase your goods or services.
Utility Coverage – This endorsement provides coverage if you lose access to your utility services and that interruption prevents you from running your business.
Civil Authority Coverage – This endorsement protects you if your business is forced to close due to government action, including mandatory curfews, evacuations, or national disasters.
Street Smart Insurance is committed to providing affordable coverage.
Whether you are looking for your first business insurance policy or you are shopping for a better price, our agents are ready to help.