If your business was temporarily unable to operate due to fire or theft, would you be able to manage without income while your business is being rebuilt or restored? This is where business interruption insurance, also known as business income insurance can be a real lifesaver, while you are waiting to get your business back up and running.
Typically not sold as a separate policy, business interruption insurance is either included in a comprehensive policy or can be added to a property/casualty policy that determines the amount of coverage you can obtain.
As a small business owner, you know that it is critical to protect the source of income your business brings in, especially if it is your sole source of income. This is when business interruption insurance truly offers real peace of mind. In the same way that you would insure your commercial property against fire as part of your standard property/casualty policy coverage, business income insurance helps defray your costs and expenses owing to lost income while you repair and restore your operations in the aftermath of a natural disaster.
When looking for coverage options to help ward against financial ruin in the event of a natural disaster, talk with your broker who can help you identify the ideal policy to protect your income flow in the event of a business outage. Some additional things to consider include:
Business income or interruption insurance is the best possible way to plan to survive a major business disruption that could threaten your source of income. If you have any questions about how to protect your business, contact Sean McNamara at Mitchell and Whale Insurance Brokers today at 1-800-731-2228 or email me at firstname.lastname@example.org. I specialize in commercial insurance and I’d be happy to help you.
Mitchell & Whale Insurance Brokers was recently voted #1 in Ontario by the Insurance Business Canada magazine. Read more