What is Business Interruption?
Business interruption insurance can be a crucial and important element in making sure that you are protected in the event that your business experiences a loss in which you must close down your business for an unknown amount of time. Most people will think about insuring their business to cover the cost of repairs, but some do not take the time to think about the amount of income they will lose from an incident that will close their business. According to the III (Insurance Information Institute), Business Interruption is defined as insurance that covers and replaces any business income lost due to a peril. Most of the time, the business interruption RI policy is added to a property policy or is included in a comprehensive package policy.
Can I Get Insurance For My Business?
The simple answer: yes. It is a crucial element of any business owner’s insurance policy to have their business covered financially while the property of their business recovers after a loss. A huge benefit is that business interruption insurance compensates you for all lost income your business has not been able to receive due to a complete facility evacuation due to damage. The policy will also cover operating expenses, such as the utilities, that will still be charged to your business even though it is not open at that time.
Another benefit is that the policy can also cover moving your business to another temporary location (this is based on the policy you purchase). Some insurance companies may fight against you when you opt to move to a temporary location which is why it is so important to hire a business interruption public adjuster in times like this. The policy will also be able to cover extra expenses that may occur in order to get your business back on track to where it was before any damages occurred. As taxes and payroll are still required even if there is damage to your business, both taxes and employee wages will be covered with the right business interruption policy.
Contingent Business Interruption
Contingent business interruption is the type of policy that covers for another company other than yours, for when you as a business have a supplier in which your business is dependent on. This policy pays for any ongoing expenses as you find a replacement supplier for your business. This policy mainly applies to those that use a single supplier or manufacturer for products or materials or a business with a few primary customers that are a major contribution to your business’s income. It is important to know how much coverage you will need when starting or owning a business.
Should I Hire A Public Adjuster for Business Interruption in RI?
Absolutely. With an experienced public adjuster, you are more likely to get more money for the repair of your business, the loss of income you may experience, and best of all, you’ll have someone fighting for your best interest. The business interruption team at Performance Adjusting knows every aspect of the claims process that business owners may face after property damage or a disaster. With years of experience on our side, we would gladly handle your business interruption insurance claim in RI and fight adamantly against your insurance company until you receive a fair settlement.