There are countless reasons why a business may temporarily shut down as a result of an unpredictable business interruption.
Such interruptions can cause significant financial challenges such as:
– Lost income but continued operating expenses
– Reduced earning capacity
– Increased vulnerability to competition
– Financial strain that hinders recovery/reopening
– Permanent loss of important customers
– Loss of key employees
A property insurance policy only covers the physical damage to the business while business interruption insurance covers:
– Profits a business would have earned, had the property not been damaged by the covered disaster
– Operating expenses
– Some policies cover extra expenses involved in establishing temporary premises
For more information about protecting your business with business interruption insurance contact your insurance broker.