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Why your company needs Business Interruption coverage
Feb 9, 2015
Why does my company need Business Interruption coverage?
Originally established for the manufacturing industry, Business Interruption Insurance has evolved into an essential risk transfer tool for all industries. Coverage provides resources that aid in recovery and can help get a company back on its feet quickly.
A small business owner ‘s restaurant in Mississippi was devastated by Hurricane Katrina, leaving her with a blown-out ceiling, massive equipment damage and an unsalvageable building security system.
“The Business Interruption Insurance paid for the 23 days we were down,” Joy Hoda told the Insurance Information Institute in 2010. “Just by getting that money, it wasn’t so hard for us to make our payroll.”
not to say that Joy did not sustain a loss; her Business Interruption Insurance reimbursed her for everything she would have made,
minus any expenses the firm would have incurred. What the insurance allowed her
to do was continue to pay her staff, meet her credit obligations and quickly
reopen her business to help serve the people of her neighborhood.
“Business Interruption Insurance paid for the 23 days we were down.” Mississippi restaurant owner
Don’t wait until your business experiences a significant loss to consider this vital business insurance protection. Contact Tanner, Ballew and Maloof, Inc. at (404) 252-8860 to review how this type of coverage can fit into your overall business insurance portfolio.