As a business owner, you’ve probably done everything you could to protect your business. There’s one thing that you may not have considered – business interruption insurance. This policy goes into effect if your business can’t operate because of an unexpected event.
The compensation is meant to help with lost income and ongoing expenses if there’s something like a fire or natural disaster that occurs. Other events may also be covered, so reviewing the policy on your Gahanna, OH business is best.
Understanding What’s Covered and What’s Not
Business interruption insurance will likely cover lost revenue during the interruption. It will also cover many expenses, such as fixed costs, temporary relocation, and expenses incurred to avoid or minimize a shutdown. The coverage may even extend to training costs so you can teach employees how to operate new equipment once the interruption is over.
While it covers many things, it doesn’t cover actual physical property. For example, it won’t cover purchasing new equipment, but it may cover temporarily renting equipment. It would be best if you also learned what situations are covered. Many business interruption policies won’t cover pandemics or long-term market downturns.
The Importance of Business Interruption Insurance
Business interruption insurance can help preserve a company’s financial stability during an unexpected covered event. It could be the difference between your company having to close and being able to survive the event.
Our agents at Schneider Insurance Agency are ready to help you find the coverage you need for your business. Call us today to start the process so you have the peace of mind of knowing your business is covered.
