All About Business Interruption Insurance in Wyomissing, Reading, Myerstown, Sinking Springs, Wernersville, PA, and the Surrounding Areas
Your business is humming along fine in Wyomissing, Reading, Myerstown, Sinking Springs, Wernersville, PA, and the surrounding areas, until it isn’t. No matter what the cause of the damage, your business can no longer function, which means that you aren’t receiving any income. If you have business interruption insurance from Stubbs Insurance Associates, you will be able to get at least some of the lost income back while rebuilding is taking place. But how exactly does business interruption insurance work? And what sorts of issues will it cover to help replace the lost income? Having insurance in the different forms is all about mitigating risk in the business, and adding business interruption insurance to your portfolio of protections is another way to ensure that your business can continue functioning during the recovery and rebuilding after damage. Talk with our team today to learn more about adding business interruption insurance for your business.
What Does Business Interruption Insurance Provide
If your business is forced to close due to a covered loss, your business interruption insurance can help to cover your operating expenses such as the revenue you would normally make if your business was open, mortgage or lease payments for the space your business operates from, loan payments that you need to make during that time, taxes and payroll costs during that time, potentially relocation costs if you have to move to a new or temporary location, along with extra expenses that allow you to operate while your main space is under renovations.
It is important that you run through scenarios where you would have to get your business back up and running. Would this be hours, or possibly days? Generally, you will look at your gross earnings and projections of future profits to gauge just how much coverage you would need for your business interruption insurance.
Understand How the Insurance Works When You Need It
You don’t want to find out the hard way how your business interruption insurance works. Typically, you will need to file a claim, which then leads to an assessment of the damage as it relates to your policy. Your insurance carrier will then provide a calculation of the loss and provide payment of the claim. This can often take several days, or perhaps even longer. Therefore, you need to understand what this timeframe is and how you will handle the delay in payment.
It is the unforeseen issues that insurance will help to defray the costs of. keeping your business operating without having to lose a bunch of money is the goal of having business interruption insurance. Talk with our team at Stubbs Insurance Associates to learn more about how this valuable insurance can keep your business afloat during covered incidents.
