Our Enfield, CT customers often wonder about how commercial insurance works, and why it is important to their business. Truthfully, the most loss a business can experience comes from the suspension of work due to damages, in addition to the loss of actual property.
Today, Koverage Insurance Group will examine how the business interruption coverage in your commercial insurance policy can help you get your business back on its feet following a major disaster.
What is business interruption coverage?
Imagine a situation in which you are no longer able to conduct normal business operations for an extended period of time. This can happen due to damages from natural disasters, criminal vandalism, or a fire; just to name a few.
During the period of time it takes to restore your business into proper working order you will likely be losing money. This is where business interruption coverage can help.
This type of coverage can help assure that you are able to repair or replace needed property, as well as provide for bills or lost wages during the restoration process. Specific coverage will be determined by your policy, usually determined by the nature of your business.
What should I do when my business is suffering hardship due to a covered loss?
Give notice as promptly as possible – If a law was potentially broken, inform the police. Then make sure you notify your insurance company of the loss including the time and location of the damaged or lost property.
Protect your property from further loss – If reasonable, move or otherwise shelter the remaining property from damage until it can be evaluated.
Record all expenses for repairs and other emergency costs – These will be important considerations for your insurance settlement.
Koverage Insurance Group is dedicated to helping see our Enfield, CT commercial insurance customers through times of emergency. Contact us today to discover more reasons why business interruption coverage will protect you during times of crisis.