Although most small business owners know they need property and casualty insurance for their premises, many don’t realize they need specialized insurance coverage to limit their losses from a disaster.
Perhaps the biggest omission owners make when buying a commercial policy is business interruption insurance.
Business interruption insurance covers profits that are lost and expenses that continue to be incurred when a company is forced to shut down by a disaster, or even by an event such as an extended power outage.
Policies typically have a 48-hour waiting period before coverage starts, but, depending on how much coverage a business buys, interruptions up to 360 days can be covered.
Among the expenses that business interruption insurance covers are salaries, rent and electricity — costs that you still need to pay even though you can’t operate.
Photo by Ottoman42.
buyllp.com on September 11th, 2006 at 9:17 pm
they are probably worried about the cost, so they can come up with a little of profit
Business Interruption Insurance Is Vital | LLC Formation on September 14th, 2006 at 4:38 pm
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