A business interruption is never convenient. However, investing in business interruption insurance can help keep your doors open even when you can’t conduct business. Suppose a tree falls onto your commercial property requiring you to shut down and fix the damages. In that case, it could result in a loss of thousands of dollars in income. Nevertheless, the team at W.B. Adams Company in Beaverton, OR can help secure business interruption insurance to cover your losses while your business is closed.
What Is Business Interruption Insurance?
You can benefit from business interruption insurance regardless of whether you own or rent your business premises. It covers expenses and revenue affected by covered events. It caters to your rent or mortgage payments and employees’ wages. Depending on your policy structure, it might also cover relocation costs, taxes, and overhead costs while your business is interrupted. But remember, you must have property and liability insurance to add Business Interruption (BI) to your policy.
When Does BI Kick In?
BI usually starts after a specified waiting period and continues while you make necessary repairs. Talk to one of our knowledgeable agents to discuss different options suitable for your company.
What Business Interruption Insurance Does Not Cover
It’s crucial to know what business interruption insurance does not cover. You’ll need separate coverage for damages resulting from floods or earthquakes. In addition, BI doesn’t cover costs associated with viruses or pandemics. Ensure to include all business expenses in your financial records to make them eligible for business interruption coverage. Note that most BI policies do not include utilities since they’re a variable cost associated with ongoing business expenses.
If you wish to discuss what BI does and doesn’t cover, a knowledgeable agent from W.B. Adams Company in Beaverton, OR would be pleased to assist. Contact our friendly staff today to schedule an appointment!