Everything You Need to Know About Business Interruption Insurance

Candle Business

With over 10,000 different candle scents available, the candle industry is slowly but steadily growing. According to Candles.org, candle product sales are around $3.4 billion annually.   But even with business booming, it’s as vulnerable as any other industry to unfortunate events. 

Most candle business owners have a standard business owner’s policy. It includes your regular policies such as general liability insurance and equipment insurance. A standard policy for a candle business can cost you about $450 annually.  

Adding a business interruption insurance endorsement for a candle business insurance will help keep the business from going bankrupt in case of a catastrophic event.  

It’s a good idea to consider adding these additional policies for your candle business insurance coverage:  

Professional liability insurance 
Third-party property/bodily damage liability 
Commercial property insurance 
Commercial auto insurance 
Product liability insurance

Construction Business

Working with dangerous machinery and operating at elevated heights means accidents in the construction business are common. And so are incidents that can necessitate a business interruption insurance policy. Why?  

Let’s say your construction business is remodeling an old building. Your job may be limited to redesigning the interiors.  

In the event of a huge storm, tornado, or hurricane that damages the structure, you would have to halt your work till the damage is repaired. Your business will temporarily shut down. But you will still have employees to pay and raw materials to store in a secure location. 
 

A business interruption policy will help you take care of your expenses till you can resume your work on the construction site again.  

Construction business insurance will only cost you about $85 per month or even 1%-5% of your total project cost. The prices will depend on your team, your project and your insurance company.  

A good construction business policy should include:  

Worker’s compensation insurance 
General liability insurance 
Commercial auto insurance 
Professional liability insurance 

Startup Businesses

Startups can be a challenge to get up and running. Their market image is not popular and they have a limited customer base. Startup businesses require an affordable business insurance plan. According to HowMuch.net, startup business insurance costs about $600 annually.  

 To prevent a business disaster caused by a natural disaster, consider adding a BI insurance endorsement to your startup business plan.  

Here are some policies you should consider as a startup business:  

General liability insurance 
Risk insurance 
Professional liability insurance 
Errors and omissions insurance 
Commercial property and auto insurance