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- Loss of Business Income -
Why do I need Loss of Business Income coverage?
Loss of business income claims typically arise when a business experiences a disruption that results in a temporary suspension of its normal operations, leading to financial losses. Business income insurance, also known as business interruption insurance, is designed to provide coverage for such losses.
What does Loss of Business Income protection do for me?
Pays for loss of business income and extra expense incurred due to the suspension of your operations from a covered direct physical loss at the described premises.
Examples of issues that could lead to Loss of Business Income may include but at not limited to:
- Fire or Property Damage
- Natural Disasters
- Equipment Breakdown
- Utility Outages
- Civil Authority Orders
- Supply Chain Disruptions
- Loss of Key Personnel
In Summary
The primary purpose of this insurance is to compensate businesses for the income they lose during a period of interruption caused by a covered event. This may include lost profits, fixed expenses, and ongoing operating costs.
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