Business Interruption Insurance
Disasters often strike without warning, forcing you to temporarily close your business. Protect your business/ lost revenue with Business Interruption Insurance.
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Claims Examples-Business Interruption Insurance
Following a kitchen fire, you have to close your cafe during restoration and repairs.
Your Business Interruption Insurance covers the income lost when you were closed, totaling $55,000.
One of your suppliers suffers a fire, causing your shipments to be delayed and negatively impacts your income.
Your Contingent Business Interruption policy will cover the income lost during the time it for your supplier to recover, totaling $79,000.
A flash flood destroys the floors in your office, forcing you to rent a temporary office space during repairs.
Your Business Interruption Insurance covers the temporary rental costs, as well as utility fees, totaling $18,000.
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Different types of Business Interruption coverage will determine how payout is calculated. Most policies cover reimbursement for profits your business would have earned based on the prior month/year performance, in addition to extra expenses beyond fixed costs. Employee wages, taxes, and loan payments may also be taken into calculation.
Standard business interruption insurance provides coverage for physical damages due to direct physical loss. For example, as a fire. Unfortunately, it will not cover lost income or barriers to trade and travel due to a pandemic or, infectious disease.
Can you purchase Business Interruption Insurance as a standalone policy?
Business Insurance is divided among the following lines of business:
- Building owners Insurance
- Builder’s Risk
- Contractors Insurance
- Cyber Liability Insurance
- Directors & Officers Insurance
- Garage Insurance
- Hospitality Insurance
- Legal Expense Insurance
- Malpractice Insurance
- Manufacturers Insurance
- Product Liability Insurance
- Professional Liability Insurance
- Rental Property Insurance
- Retail Insurance
- Wholesalers Insurance
Business Interruption explained
What does it not cover?
Business Interruption Insurance does not provide coverage for:
- Undocumented income (income that is no listed on your financial records)
- Pandemics, viruses, or infectious diseases (e.g., COVID-19)
- Flood, earthquake, or pollution damage. Note, your commercial property policy may cover these events.
Please speak with your broker to confirm or clarify coverage.
What is not covered?
The indemnity (or recovery) period refers to the length of time for which your loss of income claim is payable under a business interruption policy and is typically 12, 24, or 36 months. The indemnity period may be extended to provide additional coverage beyond the length of time it takes to restore your business (restoration period)
What is Business Interruption Insurance?
Business Interruption Insurance provides coverage for net income lost following an insurable property loss. In addition to covering lost income, Business Interruption Insurance is intended to cover overhead costs or expense required to keep your business operating, including rent and utilities, as well as employee payroll.
Business Interruption Insurance is not a standalone policy as it is typically included in your commercial property insurance policy or may be added to your existing policy as a rider.
Most policies respond after 12 or 24 hours of consecutive business closure.
Examples of some expenses that may be covered include
- Overhead operating costs, such as rent and electricity
- Mortgage, rent, and lease payments
- Moving to a temporary location
- Employee’s wages and payroll.
- Internet and telephone connections
- Taxes and loan payments.
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