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What is business interruption insurance?

Business Insurance

By Smart Bug | September 1, 2015

How is business interruption insurance different from general liability or property coverage?

The difference is best illustrated through an example: let’s say there was a fire at a small business in a strip mall in Edmonton. This business as well as those around it would likely be shut down temporarily to investigate and make repairs. If damage is severe those businesses may need to move to a new location either temporarily or permanently.

General liability coveragewould only cover claims made against that business where the fire started while property coverage will only cover the costs to repair or replace buildings and equipment.   Neither general liability nor property damage insurance will cover the loss of income that any of those businesses are likely to experience during this downtime.  This can force business owners to tap into cash reserves in order to pay ongoing expenses such as taxes salaries and loan payments. There may also be additional costs due to relocation such as employee overtime rental fees and temporary lease payments.

Business interruption insurance steps in to fill the gaps that other insurance coverage doesn’t provide. In most cases this type of policy pays the business’s ongoing expenses —such as rent electricity phone heat water taxes mortgage and maintenance— plus compensates the owners or shareholders for lost revenues during a forced shutdown . Some policies will even cover employees’ salaries.

Is your business protected adequately?Contact your insurance brokertoday regarding business interruption insurance.

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