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Business Interruption Insurance by Sarvey Insurance .

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Business Interruption Insurance provided by Sarvey Insurance

Business interruption insurance is insurance coverage that replaces business income lost in a disaster. The event could be, for example, a fire or a natural disaster. Business interruption insurance is not sold as a separate policy. Still, it is either added to a property/casualty policy or a comprehensive package policy as an add-on or rider. Business interruption insurance premiums (or at least the additional cost of the rider) are tax-deductible as ordinary business expenses.

What is Business Interruption Insurance ?

Business interruption insurance is insurance coverage that replaces business income lost in a disaster. The event could be, for example, a fire or a natural disaster. Business interruption insurance is not sold as a separate policy. Still, it is either added to a property/casualty policy or a comprehensive package policy as an add-on or rider. Business interruption insurance premiums (or at least the additional cost of the rider) are tax-deductible as ordinary business expenses. This policy pays out only if the cause of the business income loss is covered in the underlying property/casualty policy. The amount payable is usually based on the past financial records of the business.

What Does Business Interruption Insurance Cover?

If a covered loss forces your business to shut down, your interruption insurance can help cover your operating expenses, like:

  • The revenue you’d generally make if your business was open.
  • Mortgage, rent and lease payments for the space your company operates from.
  • Loan payments that you need to make during that time.
  • Taxes, whether you pay them monthly or quarterly.
  • Payroll for your employees.
  • Relocation costs if you have to move to a new or temporary location because of physical damages.
  • Extra expenses if, for example, you need to rent another space to run your business after a covered loss temporarily.
  • Training costs for employees to learn how to use new machinery or equipment after a covered loss.

What makes Business Interruption Insurance important?

Business interruption insurance is often vital to a company’s business continuity plan. The insurance is designed to compensate an insured for the financial impact of the interruption/interference to that business due to physical damage to insured property or other critical external events, such as damage at a supplier’s or customer’s premises. The intention is to restore the business to the same financial position as if the loss had not occurred, subject always to the terms and conditions of the policy.

Already have Business Interruption Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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