If you own a business there’s good chance that throughout the year, unforeseen circumstances will cause you to close up shop for an extended period of time – whether that be weather related or some sort of other natural disaster like fires, floods, etc.
Business interruption insurance is a measure to help business owners recoup some losses if their business is shut down by some of these events. For instance, if you have business interruption insurance, you’ll be covered for lost profits while your business recovers to open back up again after say, a fire damaged it. This type of coverage is just as essential as business property insurance – the losses for a business owner could be too much while you wait for your business to reopen after a disaster.
This protection doesn’t just mean making up for lost profits. It can also help with some of the expenses business owners deal with while their business is temporarily shut down. For instance, a business owner still has to pay rent on his property even if the power is out or perhaps the plumbing has broken down. This interruption insurance also can help business owners relocate their business temporarily until the original property is ready to go.
Another form of interruption insurance is contingent business interruption, which protects a business if say their supplier has troubles delivering their products to the business. Let’s say a supplier has a mishap at the factory that forces them to shut down. A business might have to close down until supply is refreshed and this form of interruption insurance can provide coverage during this idle time.
There are many forms and uses of business interruption insurance. Talk with your independent agent today about what type of coverage your business needs to feel protected at all times.
Protect your livelihood. Call Turrentine Insurance Agency at (306) 693-7640 for more information on Houston business insurance.