Business Interruption Insurance: Do you Have it?

7/29/2022 (Permalink)

When an unexpected disaster occurs for your business, the physical damages can be just the beginning.  Fire and water damage to your facility can force your business to close for as long as weeks or even months.  SERVPRO of Kennett Square/Oxford understands that this is a heavy burden on your company and its success while not being able to actively continue business practices.

One way to help combat this serious financial threat to your business is to speak with your insurance provider about coverage for this particular matter.  Many insurance companies offer business interruption insurance, which will help to cover the costs that your business would otherwise accrue through your clients.  This is a separate form of insurance from your typical coverage of property damages.

Business interruption insurance can cover you in a variety of ways such as providing coverage for damaged merchandise that can no longer be sold, or for a temporary building where business can continue while your facility is being restored.  Payroll for your employees while your business is closed is another option.

This type of insurance can save you a lot of financial and stressful obligations down the road, but it is also important to discuss your coverage and what it will entail.  Consider certain factors in the event that your business may have to shut down.  Determine how long it would take your business to get back on track once reopen as well as how long it may take to find a temporary office space.  Most policies have a set length of time where coverage will be approved.

Business interruption insurance can substantially improve your situation in the event of fire, water or storm damage to your commercial property.  We recommend speaking with your insurance provider immediately to determine the right coverage for your business so that you are covered in case of an unforeseen disaster.

SERVPRO of Kennett Square/Oxford works with many insurance companies to help make the fire or water damage process run as smoothly as possible.  Our restoration professionals strive to make a devastating situation less overwhelming for our commercial clients so that you can focus on getting back on track for your business.