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If you’re a small business owner in the Americus, GA area, it is critical to understand Business Interruption Insurance coverage. Understanding how the coverage works will help you make an informed decision to determine if it is the right coverage for your business. An agent at Client First Insurance Solutions would be happy to discuss any questions you have on business interruption coverage for your business.
What does business interruption cover?
Business Interruption coverage protects against loss of income in the event your business is forced to stop operating as a result of a covered event. Covered events can include fires, theft, lighting, or falling objects such as a tree.
Business Interruption (BI) coverage will cover your business from loss of income while you cannot operate. Your loss income will be based on your pre-loss income minus any expenses.
BI coverage will also help pay for any additional expenses you incurred as a result of the loss. For example, you may need to relocate your business temporarily after a fire. In that case, BI coverage can assist with the additional expenses to relocate.
What are other considerations a business owner should one be aware of?
An essential factor to know when buying a policy is that there is usually a waiting period of a few days after your business is closed before coverage will kick in. It is essential to know what your waiting period is and have enough cash on hand for expenses during those first few days.
It is also essential to know what your indemnity period is under the policy. An indemnity period is the length of time your policy will cover loss of income. Most policies are up to 12 months; however, there are options for longer or shorter policies depending on the nature of your business.
If you are interested in learning more about how business interruption coverage can protect your business, reach out to an agent at Client First Insurance Solutions today. We proudly serve the Americus, GA area.
