When a catastrophe happens, having a comprehensive business insurance plan can mean everything. If a fire breaks out in your store, storm damage destroys your office, or you otherwise cannot operate your business, the right policy can help you get back to work.
A key component of business coverage is business interruption insurance. Verify that your policy offers this coverage. If it does, you'll have some excellent support in your time of need.
What Happens When You Cannot Open Your Doors
It is not uncommon for a fire or vandalism to occur on business property. When this happens, the owner generally must close their doors for to make repairs. In some situations, this can become a long-term closure.
In this situation, your business insurance can help cover some of the costs your operation still has on the books. For example, you may need to pay your salaried employees. You may have vendors you need to cover, so they do not leave your business. Many business owners also have expenses to maintain to keep their operations open. With an office closure, it can be difficult to meet these obligations. Business interruption insurance can help you to do this.
What Happens When Rebuilding Takes Time?
In some situations, the rebuilding or repair effort will be significantly longer. It could span months or even a year. To keep your business operational, some policies will help cover the cost to move to a temporary location. If you operate a consulting business, for example, this coverage can help you move your office space to another building. That way, you can get back to work and keep generating revenue.
Look at Your Coverage
Often, a business owners policy (BOP) is a convenient way to get business interruption coverage. A BOP often combines several business insurance coverages into one policy to reduce overall costs.
However, this process can sometimes eliminate key features of policies. And business interruption insurance is one area you definitely do not want to see limited. It can help you save your business in very difficult times.
Talk to a California Church Insurance Services agent today. Ask them whether a BOP is right for you, and ensure the policies your considering feature business interruption coverage. It could help your company survive a temporary office closure.