This coverage, also known as Business Interruption, is designed to help cover potential losses resulting from of an interruption of normal business. Business income lost due to an insured peril, often exceeds in cost the damages to your real and personal property. Extra expenses incurred because of interruption, are also insured.
The policy we recommend consists of the following coverages:
AGREED AMOUNT: This endorsement is included in your business income policy. The insurance company agrees to waive any co-insurance thus agreeing that the amount of insurance purchased is adequate and sufficient.
BUSINESS INCOME: This coverage is vital for your company. In the event you could not continue normal business because of an insured loss, this coverage would pay for:
-Reimbursement of actual business income lost -Salaries and lost wages -Insurance premiums -Property depreciation resulting from interruption -Taxes -Interest on indebtedness
This protection is designed to provide the funds necessary to maintain your financial condition, as if no loss had occurred.
COMMISSIONS OF SELLING AGENTS: This coverage would pay income to commissioned agents or independent contractors in the event your facilities and merchandise were damaged or destroyed.
CONTINGENT BUSINESS INTERRUPTION: This coverage provides protection in the event you were to lose income as a result of damage or loss sustained by a major supplier, distributor or customer. You would receive payment of income up to the policy limit or for a period of , whichever comes first.
ELECTRONIC MEDIA AND RECORDS: This coverage pays for income lost due to damage or destruction of your computer or data processing media, equipment or records other than accounts receivables.
EXTENDED PERIOD OF INDEMNITY: This endorsement provides additional coverage for that period of time in which your business re-opens, after a business interruption loss, and until you restore your operations to the condition that would have existed had no loss occurred.
EXTRA EXPENSE: This coverage pays for the necessary additional expense of continuing your business operations after an insured loss has caused damage or destruction to your premises. Expenses you would incur if such a loss were to happen include relocation, new phone lines, subcontracting of work, necessary rents, etc.
LEASEHOLD INTEREST: This coverage would protect against loss should an insured peril damage or destroy the building you are renting and by having to relocate, you would have to pay a substantial rent increase. This reimburses you for the difference in rent.
LOSS OF TUITION: In the event your property were damaged or destroyed by an insured peril, this coverage would reimburse you for loss of tuition income.
MAXIMUM PERIOD OF INDEMNITY: This coverage pays for the actual loss sustained during the period of 120 days following the insured loss. The most that the coverage will pay in the event of damage or destruction to your premises will be $ or the actual loss amount sustained during the first 120 days, whichever is less.
MONTHLY LIMIT OF INDEMNITY: This coverage pays for the actual loss sustained during the time your operations are suspended up to a stated maximum amount for each 30 day period. The maximum amount equals the limit of insurance, times (x) the fraction shown in the policy . This endorsement waives the co-insurance clause.
OFF-PREMISES POWER: This coverage provides payment in the event an off-premises power failure, communication network breakdown or lack of sufficient water supply causes an interruption of business and subsequent loss of income.
RENTAL INCOME: Your rental property is covered against loss to the structure and certain contents. This coverage extends the protection to include reimbursement for rental income lost should that property be rendered uninhabitable, whereas you would receive payment equal to that which would have been received had the loss not occurred.
For a Quote call 800-537-7843 or use the form below.