Business Interruption Insurance
Overview
Business interruption insurance provides financial protection for businesses against the loss of income and operating expenses if they are temporarily unable to operate due to a covered event. This type of insurance helps businesses recover from unexpected disruptions by covering lost revenue, rent, payroll, and other expenses.
Types of Coverage:
Lost Income: Compensates for the income your business would have earned during the period of interruption.
Operating Expenses: Covers ongoing expenses such as rent, utilities, and payroll that continue even when your business is not operational.
Extra Expenses: Covers additional costs incurred to minimize the business interruption, such as renting temporary office space or equipment.
Contingent Business Interruption: Provides coverage if your business is affected by a disruption at a supplier or customer’s location.
Factors Affecting Premiums:
Business Type: The nature of your business and the risks associated with it can impact your insurance costs.
Location: Where your business operates can affect your premiums due to factors like local regulations and natural disaster risks.
Business Size: The size of your business, including the number of employees and revenue, can influence your premiums.
Claims History: A history of frequent claims can lead to higher premiums.
Coverage Amount: Higher coverage limits and lower deductibles will increase your premium.
How to Get a Quote: To get a quote for business interruption insurance, please visit our business insurance quote form.