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Fire & Water - Cleanup & Restoration

The Benefits of Business Interruption Coverage

10/26/2020 (Permalink)

Financial concept meaning Business Interruption Insurance with sign on the piece of paper. Purchase business interruption insurance for your business

Here Are Some Reasons To Talk To Your Agent About This Policy

If you are a new business owner in Nassau Bay, TX, it may seem overly cautious to purchase business interruption insurance. Most people don't realize how useful this coverage is until something devastating happens. 

Expenses
The losses from a fire in your building can be substantial. You may think that you are completely protected by your property insurance. After all, it covers the fire restoration services needed to repair and rebuild the structure. There are, however, other expenses to consider:

  • Payroll
  • Utility bills
  • Loan payments
  • Insurance premiums

Your business may not be fully operational while repairs are being made, which means it is unlikely that you are bringing in the revenue you need to cover these expenses. Interruption insurance provides the cushion you need so that you don't get behind in your payments and can continue to support your staff.

Income
Most business owners want to do more than break even. You are in business to make a profit, and when a fire causes a business interruption, earning money may be put on hold. Well-established businesses may have multiple streams of income, but if your business is new, it can be hard to survive without help. Interruption coverage can keep your company afloat by compensating you for the income you lose while your building is out of commission. Your coverage may even extend through the few days it takes to move back in and get everything up and running again. Your agent can provide details on how to make sure that income loss coverage is part of your policy.
There are several benefits to looking beyond the basics of property and liability coverage. Your BOP may cover major losses, but interruption insurance helps by covering part of the financial hit that your business may take while restoration is in process.

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