Business Income Protection
Your business income insurance, also known as business interruption coverage or extra expense insurance, can cover lost income when you have to close your business suddenly. This coverage is an extra layer of protection beyond general commercial property insurance.
The payout amounts you receive on your business income coverage are based on your business’s income and expense records. As a business owner, you should store these records in a safe location. You may even want to store them off-site or in digital locations.
While business income insurance can help you cover your lost income, insurance companies may not help cover lost income in the event of:
- Closures from inoperable power lines. Adding an endorsement to your policy can help cover this.
- Losses from closures caused by damages not covered under your insurance policy.
- Losses from partial closures.
- Income that isn’t documented.
It’s important to note that business income insurance may not also cover all of your business’s utilities.
The plan will have no cash in value at any timeand will cease at the end of the term. If premiums are not maintained then cover will lapse.
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