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Unexpected road construction, natural disasters, and pandemics can interrupt your business, forcing you to close your shop. How can you protect your assets, pay your overhead costs, and preserve your company? Business interruption (BI) insurance protects your business against financial disaster due to events listed in the policy. Ask your insurance agent at Hanneken Insurance Agency Inc. how you can use this coverage to stay afloat when a covered event causes physical damage to your property in Little Falls, MN.
Pay for Fixed Expenses
If you have to open up at a temporary location while you make repairs, some of the costs incurred may be covered by business interruption insurance. This gives you time to restore and pay fixed expenses without draining your bank account. Many policies also reimburse you for lost revenue due to a business interruption. Typically, this policy is bundled with other coverage, including liability and property damage insurance.
General Liability
This coverage protects your business from liability claims such as property damage, bodily injury, slander, and libel. For example, this coverage would handle the medical expenses if someone is hurt on your commercial property. In other cases, it may handle legal fees if someone sues the business.
Commercial Property
Business property insurance protects the building and items such as furniture, inventory, and equipment. It may help you pay for replacement costs in case of a lightning strike or fire. It covers the physical structure and items inside the business location. Civil commotion and vandalism are usually covered by commercial property insurance.
Business Interruption
Business interruption works in conjunction with commercial property and general liability to provide complete coverage for your business. BI handles income loss if you have to close your doors while making repairs. It also can cover relocation costs, lease payments, taxes, employee wages, and loan payments, where applicable and covered by your individual policy. It doesn’t usually cover losses due to earthquakes, flooding, or other events requiring separate peril insurance.
Contact an Experienced Insurance Agency in Little Falls, MN
Hanneken Insurance Agency Inc. has knowledgeable agents that can guide you through the different types of insurance needed to protect your business. Reach out to our team today to discuss your business interruption insurance needs.