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What You Need To Know About Business Interruption Insurance

2/13/2019 (Permalink)

Storm Damage What You Need To Know About Business Interruption Insurance Business interruption insurance can be helpful for you

What You Need To Know About Business Interruption Insurance

When there is bad weather in Whitestone, NY, it can sometimes affect your business for a while after the storm has passed. If your place of business suffers damage, you might not be able to operate as usual while you rebuild. If this happens, it can be helpful to have business interruption insurance. Here are a few questions you can ask to see if this type of insurance is something that would benefit you.

1. When Do You Need It?

There are situations when you might need to temporarily close your business, which can result in loss of income. Incidents such as a fire or big storms can cause damage to the building in which you do your business, and you will likely be unable to use this location while it is undergoing emergency restoration. You won’t always be able to prepare for these types of incidents and having insurance can help you with the financial losses you could suffer.

2. What Does It Cover?

While property insurance usually covers physical damages, it cannot help you with any income that might be lost while you rebuild your business. That is where interruption insurance comes in. With this type of insurance, you can expect to be compensated for expenses such as rent and moving costs incurred by temporarily relocating your business, operating expenses and profits that you would have earned if you were able to operate as usual.

3. What Is Not Covered?

This type of insurance can be helpful, but it does have some limits. There are a few things that it won’t cover. These include closures caused by power outages, utilities and unaccounted income. You will also be unqualified for coverage if you have only a partially closed operation where access is limited, but you are still able to conduct business.

When you are considering the type of insurance you need, you probably won’t think twice about getting property insurance, but don’t forget about what happens after the property has been damaged. Business interruption insurance can help keep your company from suffering financially while you rebuild.

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