Business Interruption Insurance Summary
Helpful Facts
- Business Interruption Insurance provides financial support to cover lost income and ongoing expenses during temporary closures caused by covered events.
- This insurance ensures financial stability by covering essential expenses like rent, payroll, taxes, and loan payments during the closure period.
- It helps protect revenue and manage long-term disruption impacts by covering extra expenses incurred during the restoration period, minimizing downtime.
- Policies outline specific covered perils (e.g., theft, fire, government actions) and exclusions, making it crucial to review policy details, including the restoration period.
- Maximizing benefits involves accurate record-keeping, robust business continuity planning, and regular policy reviews with professionals to ensure coverage adequacy as the business evolves.