Business Interruption Insurance or How to Stay in Business After Your Store Burns Down

The recent fire in downtown Shelton, CT put an entire city block's worth of businesses out of business. The building will take six months or more to rebuild, so what  do the  owners of those businesses do in the meantime? The answer is rest easy as long as they carried business interruption. Business interruption insurance – covers the loss of income when your business is not operational due to unexpected damage or events so you can continue to meet your financial obligations such as rent and payroll. The coverage is included in most Business Owners Policies (BOP). The BOP is the most common policy form for insuring main street type businesses. Typically, the business interruption coverage on a BOP covers actual loss sustained for a 12 month period.

If your business does not qualify for a BOP, you may need to purchase the business interruption insurance as an option on the policy that covers your business property. This can involve completing a business income  statement to identify the correct amount of coverage.

In any event, do not let your business go without this coverage. If you would like The Russell Agency to review your business insurance, please let us know. We are happy to help.

Employment Practices Liability Insurance or Boy, am I glad I bought that coverage before I fired that foreign employee I had been sexually harrassing.

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