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Business Interruption & How Insurance Can Help

Protect Your Business with Business Interruption Insurance

No one ever wants business interruption, but there are unavoidable instances. Business Interruption Insurance exists for this reason.

Unlike property insurance, which only protects physical items and property, a business interruption policy covers lost profits that would have been earned if the event hadn’t occurred.

Business Interuption - Business Insurance

Example of Policy Usefulness

When a nearby business has a fire and your business is also damaged to the point of closure, it is clear your company will not recover soon. You will likely face hardship due to income loss during the rebuilding process. Additionally, delays may occur in waiting for inventory or essential equipment needed for business operations. Business interruption insurance would reimburse your company for the profit loss resulting directly from the fire.

Covered by Most Policies

Fixed Operational Costs:

These include expenses like rent and utility bills.

Temporary Relocation Expenses:

Some policies cover moving to a temporary operating place.

Unforeseen Expenses:

Reimbursement for costs incurred beyond fixed expenses that help the business run while the location is being repaired.

Each business is unique, so the required coverage amount will vary. Consider the following when determining your coverage:

– Likelihood of a covered event occurring

– Status and functionality of the fire sprinkler system

– Operation in a disaster-prone region

– Availability of temporary commercial space in your area

– Estimated time to rebuild your business location, which determines potential profit loss during the shutdown.

If you seek Business Interruption Insurance, contact us for assistance in determining the best coverage for your business needs. AMC Insurance is your go-to for insurance requirements. Visit us on Facebook, our website, or call us today.

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