For your business to be successful, it needs to be in continual operation. Any disruptions can deliver a financial blow from which it is hard to recover. To prevent such a scenario, many companies rely on business interruption insurance.
Broadbent Insurance, Inc. is experienced in all forms of business insurance in Newark, DE. We’ll apply our expertise here to discuss interruption insurance, which is also known as business income insurance.
This business insurance can help replace income if you have to shut down your company temporarily because of a covered loss. Say, for example, your shop closes due to property damage. Your policy will cover your lost income while the repairs are made. You could also be covered in the case of an event such as a road closure that shutters your business for a short span.
Interruption insurance covers operating expenses such as the revenue you would typically make, in addition to items like rent payments, taxes, payroll, relocation costs, and training costs. There is usually a 48- to 72-hour waiting period before the coverage kicks in following a closure. The restoration period is the time that your policy will cover lost business income. For a more detailed look at your business insurance, it is always best to contact your agent.
