Business Interruption Insurance
Business interruption insurance covers loss of income suffered when damage to premises causes a slowdown or suspension of operations during the time required to repair or replace the property.
This type of coverage can be added to the property insurance policy or comprehensive insurance policy. Since business interruption is included as part of the primary policy, it only pays out if the cause of the loss is covered by the overarching policy.
Risks to your business
You have built a strong and profitable business over the years and have a solid reputation with your suppliers and customers. It’s not uncommon for interruptions to occur due to disasters, natural or otherwise. In today’s world, there are many risks that can render a business inoperable.
Business interruption evaluation
Reliance Insurance can help conduct an investigation and assessment of vulnerable areas your commercial enterprise may be exposed to if there’s a catastrophic or smaller localized event. Your policy will cover continuing expenses and lost profits.
We will help identify expenses and determine adequate coverage:
- Rents or mortgage payments
- Salaries, wages, and benefits
- Power, light and heat
- Professional fees
- Interest on bank loans
We will also evaluate lost operations and revenue streams:
- Fulfillment of current orders
- Brand damage and loss of customers
- Ability to rebuild or restart the business
- Re-staffing and training
Common types of business interruption insurance
There are many different ways to cover business interruptions for small businesses.
It’s critical to review the business, earnings, profits and business type to determine the best type of business interruption insurance.
Various types may include:
- Extra expense
- Monthly earnings
- Gross earnings
- Gross profits
- Actual loss sustained (ALS)
- Contingent business interruption
Reliance Insurance will work with you to establish the proper type and limits of business interruption insurance to get you through this period of emotional and financial stress.
More importantly, we can work with you to set up a program to help you plan how to deal with these problems so that if the unexpected happens you will have a starting point to get on the road to recovery.
Reliance Insurance can help complete an investigation to assess the vulnerable areas your commercial enterprise.
You may need:
Cover your business both ways with contractual liability insurance.
Commercial crime is on the rise and technologies open up more opportunities for theft or fraud.
When the big one hits, we want to ensure you can repair or rebuild your commercial property.
Building, Equipment & Stock
Evaluate your business activities to make sure you're not over, or underinsured.
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— President & CFO QE Home
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