Business Interruption Insurance in Miami, FL
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Business Interruption Insurance Information
A business’s profits and success rely on smooth and reliable operations. However, all organizations may eventually experience disruptions. For those that lack adequate loss control measures, even a brief stoppage in operations could have significant financial ramifications. As such, all businesses should take time to assess and address their business interruption insurance needs.
What Is Business Interruption Insurance?
Business interruption insurance policies can help organizations endure temporary disruptions in their regular functions and financially recover from such events. This coverage, also known as business income insurance, may be triggered by various incidents that affect a policyholder’s property, equipment or operations, such as fires, lightning, theft or falling objects (e.g., trees and tree limbs). While the details of policies may vary, the primary purpose of business interruption insurance is to help companies recoup losses arising from these incidents, such as lost income.
What Does Business Interruption Insurance Cover?
Business interruption insurance typically covers a range of expenses an organization may incur due to a covered, temporary interruption to its operations. Some of the expenses that this type of insurance may cover include the following:
How Much Business Interruption Insurance Do I Need?
The amount of business interruption insurance an organization needs will depend on various factors, including size, industry, estimated future profits and potential risks. Companies should work with an experienced insurance agent to assess their risks and determine an appropriate amount of coverage. This can help businesses ensure they are capable of recovering after a covered temporary closure or interruption.
- Lost revenue—This coverage can help compensate a policyholder for the revenue their business would have earned without interruption.
- Fixed costs—Rent, utilities, and salaries are typically covered by business interruption insurance. This helps to ensure that a business can continue to pay bills even without its regular income.
- Temporary relocation—If a covered event forces a business to relocate temporarily, this coverage can help pay for rent and other expenses associated with the new location.
- Recovery costs—If a business needs to purchase new equipment and train staff on how to use it to help it recover from the event, these expenses may be covered by business interruption insurance.
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Founded in 1860, Tanenbaum Harber Insurance Group has an extensive history of helping clients in Miami and throughout Florida protect their finances and futures with suitable coverage. Contact us today to get started.