3 Facts About Business Interruption Insurance
There are many ways you can protect your Slidell, LA, business, from installing fire sprinklers to investing in a top-notch security package, However, if your building should suffer serious destruction as the result of storm damage and you must rebuild, this could cost you thousands of dollars in down time. Business interruption insurance can prevent this type of loss, but before you sign off on a policy, it is wise to understand how this type of coverage protects you, your employees and your business.
1. It Differs From Property Coverage
Insurance that covers an interruption in business is not the same as a policy you might buy to protect your property. Instead, this coverage protects you against monetary loss in case of a closure. Depending on the type of policy you buy, you will be compensated for the money you would have made and utility expenses for your closed business as repairs begin.
2. It Does Not Cover All Repair Expenses
Business interruption insurance is designed to help you recover quickly from a major disaster. However, it is important for you to understand that it may not cover all your expenses. For example, if you need to call in a storm damage and restoration company as a part of your recovery, this type of insurance will probably not cover the cost of their services. It is wise to review your policy before you sign it so you have a comprehensive understanding of your coverage.
3. There May Be a Waiting Period
If your business has suffered the kind of damage that requires you to rebuild, you may have to wait several days for your new insurance to kick in. This usually takes no more than 48 hours; however, every case is different, so you may want to contact your provider right away to inquire about how long you have to wait for coverage to begin.
When your Slidell, LA, business suffers severe damage and you need to rebuild, business interruption insurance can help you recover quickly. Learning as much as you can about this type of coverage before you need to use it may allow you to use it to its fullest potential.
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