Business interruption insurance
COMMERCIAL, RETAIL, AUTO, FABRICATION : SAFETY
Tropical storms and hurricanes, Midwest flooding and California wildfires highlight the need for business owners to have adequate insurance coverage to cope with damages caused by such catastrophes.
When you think of property damage, damaged roof, broken windows or cleaning up debris from fallen trees come to mind. But what if your business is without power for more than a brief period? Or forced to close and evacuate as in the Gulf region this past week? What if you have to move to temporary quarters while your building is repaired or razed and replaced?
In addition to coverage for physical damage to your property, review coverage for business interruption and extra expense. Business interruption insurance compensates for lost income if your company is forced to vacate the premises due to damage covered under your property insurance policy. Extra expense provides reimbursement for the additional expenses needed to temporarily relocate or otherwise keep the business operating during restoration/rebuilding.
For a quick fact sheet on the subject, contact the program administrator for GlassInsure, NGA’s sponsored insurance program, at 800/640-7601, and ask for “Do I need business interruption insurance?”
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