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Business interruption insurance replaces the revenue you lose when you are forced to temporarily stop your operations due to a covered event, such as a fire or storm. At E.S.T.I.R. Inc., serving Bloomfield, NJ, you can get business interruption insurance as part of your business owner’s policy or as a separate policy written for a specific set of perils.
What’s Covered by Business Interruption Insurance?
Business interruption insurance covers losses caused by specific events listed in the policy. Your business interruption insurance may cover:
- The revenue your business would have taken in if you didn’t have to close
- Mortgage payments
- Utility payments
- Payroll costs
- Loan payments
- Relocation costs, if you have to move to a new location
- Training costs, if you lose employees while you are recovering from the event and you have to train new staff
Business interruption insurance does not cover the cost of repairing damage from the event. These are covered in your casualty insurance. (You will need separate coverage for flooding.) It won’t cover utilities because they are usually cut off when your business is closed. And it doesn’t cover income you don’t include in your financial statements.
Who Needs Business Interruption Insurance?
E.S.T.I.R. Inc., serving Princeton, Newark, Bloomfield, NJ, and all the communities in between, has a simple answer to this question: Everyone!
Generally, if you have fewer than 100 employees or revenues under $5 million per year, you can get the business interruption coverage you need in your business owner’s policy. Ask your agent at E.S.T.I.R. Inc. to be sure. You probably need a separate business interruption policy if you have a medium-sized or large business.
E.S.T.I.R. Inc., serving Bloomfield, NJ, can provide the insurance your business needs at a reasonable cost. Call us at (973) 481-5300 for more information and a quote.