Can you afford to be closed for business while repairs to your building or personal property are being made after a loss? The answer is probably a resounding "NO!". Business Income is protection against loss of income or profits, in which a business has suffered a property loss or damage from a covered peril under the insurance policy, such as a fire or hurricane. This covers the time when the business is shutdown until the property is repaired or replaced. Business Income coverage should include Extra Expense coverage as well. Extra expenses are any extra line item on your Profit/Loss Statement that is not a recurring expense.
A well-prepared client can save significantly when an unexpected loss occurs. Commercial businesses should have a Business Continuity Plan (action plan for catastrophic disaster) and keep accurate records of prior year’s income and profit results, as well as storing a set of records offsite.
The need to protect your earnings is as important as insuring your equipment and stock. Please take an opportunity to examine the excellent forms of business income insurance that are available through our office. We can customize business income protection for your particular needs, including protecting the rental value of your property.
Call us today to ensure your business in properly protected.