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Fire & Water - Cleanup & Restoration

The Importance of Business Interruption Insurance

4/19/2021 (Permalink)

Burned structure, burned wall. A fire can lead to more losses.

A fire in your office building or warehouse in Maggie Valley, NC, can lead to more losses than just the cost of repair and restoration. While your property policy ensures that you are able to get the fire damage mitigation that you need, interruption insurance covers costs associated with the hit your business takes as a result of the event. Having sufficient coverage to handle this event can save your business.

What Does an Interruption Policy Cover?

As a business owner, make sure that you have all the coverage you need to stay afloat no matter what happens. Your business interruption policy can cover several expenses that arise due to a covered loss:

  • Loss of income for slower or suspended business
  • Temporary relocation
  • Operating expenses
  • Payroll and taxes
  • Loan payments

A basic business package may cover the damage to the property and any personal injuries that occur as a result. Interruption insurance covers the effects on the business itself.

How Long Does an Interruption Period Last?
In general, a business interruption policy covers lost revenue for the duration of the fire restoration process, even if it extends beyond the policy's expiration date. As long as the event that causes the interruption happens while the policy is active, your business should be covered until fire damage remediation experts have restored your building.
Your policy may even allow for an extension for a certain number of days past the end of restoration so that you can get your business back on track to the level it was before the fire. Review the language of your particular policy with your agent to understand the coverage to which you are entitled.
A solid business package covers the property and liability, but you also need interruption insurance if you want coverage for loss of income or the cost of operation. Having all the coverage you need can help your business survive whatever disaster comes your way.

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