One of the biggest stress factors of running a business is avoiding financial losses due to unexpected interruptions. Fires, natural disasters, and other unforeseen events can drain a business’ finances, and replacing lost income can harm your monthly or annual profits. Therefore, to protect your business from the unexpected, it’s essential to have business interruption insurance in place.
What is Business Interruption Insurance?
Business interruption insurance encompasses various factors like income coverage, extra expense coverage, contingent business interruption coverage, and civil authority coverage. This financial support enables you to handle temporary relocation expenses, payroll, loan payments, and taxes. Essentially, it’s a safety net during challenging times that minimize the impact on the overall financial stability of your business.
What is the Duration of Business Interruption Insurance?
The duration depends on the terms outlined in your policy although the standard period is set at 30 days, although it can be extended to 360 days through an endorsement. The period is defined as the time from when the incident that forced the interruption to your business. It usually lasts until the damage is repaired and your business is restored to its pre-disaster condition.
How do I Choose the Right Plan?
Like many things in your business, seeking professional guidance is better than handling the process yourself. You shouldn’t have to learn the ins and outs of commercial insurance to determine a plan. Instead, Bachmann Insurance Agency in Flushing, MI is here to help you with all your commercial insurance needs and help you account for the unexpected.
Reach Out To Us!
Contact Bachmann Insurance Agency in Flushing, MI today to learn more about business interruption insurance coverage today.
