At the Marino Agency Inc., we are ready to discuss business interruption insurance with business owners as we serve Mt. Ephraim, NJ. Also called business income coverage, it provides some financial relief for your enterprise if named perils in your policy cause your operations to be temporarily halted.
Why Business Interruption Insurance Is Important
This insurance may be part of your commercial property insurance policy or it may be an endorsement. You may ask, Why do I need business interruption insurance when I have property insurance?
Well, in the event of a fire or other peril designated by your policy, your insurer covers the loss of only tangible items. So, if you own a restaurant, kitchen equipment, appliances and furniture that are destroyed would be covered.
Two Specifics of Business Income Coverage
Business interruption insurance is all about the money that comes in and goes out. This kind of policy helps you replace the net income you would expect if you were not shut down. It also helps you pay net operating expenses during closure.
Though business interruption insurance can provide income while your business is being restored, it is active only for the perils named in your policy. An all-risk policy, which covers more perils (except those excluded in writing) may be available.
Business interruption insurance is especially recommended for businesses whose permanent location is vital to generating income. In this category are restaurants, retail stores, hair salons, nail salons, barbershops, etc.
As a family-owned and family-operated business serving Mt. Ephraim, NJ, we treat you like a neighbor. Contact us at the Marino Agency Inc. to discuss how business interruption can make your business operations more secure.