Imagine your business at its most stressful time. Major clients have pressing needs on strict deadlines. Your employees are burning the candle at both ends to make sure the work gets done. Now imagine an unforeseen event causes your whole operation to grind to an abrupt halt. Say a flood requires the office to be evacuated for two weeks, or a fire burns it to the ground.
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In situations like these, the damage can be difficult even to measure, but thankfully there is a solution in the form of Business Interruption Insurance. Business Interruption Insurance allows you to recover financial losses that result from a surprise event that disrupts your business. Business Interruption Insurance policies have many components.
Business Interruption Coverage typically comes in the form of a named perils policy or an all risk policy. A named perils policy will provide business interruption coverage for losses caused by the perils, specifically listed within your policy. An All Risk policy protects against more risks and has broader coverage.
Business Interruption Coverage policies usually have indemnity periods, this is the time period where there is a loss of business. Indemnity periods are either limited (earnings) or extended (profits).
A limited indemnity policy pays until repairs or replacements occur, and then stop. This means the policy may stop paying even if you aren’t necessarily back at your previous level of earnings. These policies tend to cost less but may not provide the full protection you require.
An extended indemnity policy will continue to pay until you are back at the level you were before the interruption occurred. These policies cost more, but when the worst happens, you may want your protection to be as complete as possible.
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