Business interruption insurance: The one thing your disaster recovery plan needs
It’s getting weird out there—and it could affect your business. A bad storm could break windows, damage your roof or flood your premises. A fire, even if it starts in a nearby building or unit, could cause damage from smoke, heat and water, and your utilities could be disconnected. Vandalism, equipment failure, even government-mandated closure (think curfews or street closures)—all of these can (and do) happen. How long could you afford to cover the losses? Would you have the resources to open in another location temporarily?
If you have a good business disaster recovery plan, you’ll have business interruption insurance to ensure you aren’t on the hook for the financial losses that arise from unforeseen events.
Here are 5 things your business interruption insurance should cover:
- Profits that would have been earned had you stayed open, based on financial statements from prior months.
- Operating expenses and other costs you’re still responsible for paying while closed, based on historical costs.
- Relocation expenses from opening in a temporary location, including the move.
- Training expenses so that operators know how to use equipment that needed to be replaced.
- Operating and other expenses so you can continue to operate in the same location while the property is being repaired.
Business interruption insurance, which is typically added on to your general business liability insurance, is one important way to protect your business when $h!t happens.
What coverage is right for you? Talk to BSMW to find out, for free.
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