Small business owners know how to hustle. They work hard because they’re so invested in the company they’ve built — whether they have one employee or 100. But you could be putting your small business at risk if you don’t have the proper coverage to protect you against interruptions.
Business interruptions can put you out of business, permanently
Sometimes called “Business Income Insurance,” Business Interruption policies cover different common circumstances where small businesses could be put in jeopardy.
Some common areas of interruption insurance coverage include:
- fire, hail or wind storm damage
- equipment damage
A sudden wildfire that cuts out all your utilities or burns up your product warehouse, a giant tree branch that falls on your business’ roof allowing water damage from a storm or even a break-in that leaves you with damaged furniture and equipment — these are all scenarios where small business insurance can come to your rescue.
Those who live in areas prone to certain natural disasters, like wildfires or hurricanes, can still get business interruption coverage, but may pay more in premiums.
If your business uses heavy equipment — say for construction or road projects — stay protected and keep your capital flowing even if some of your machines aren’t running.
What does business interruption insurance pay for?
When you have business interruption insurance, you can get assistance to keep money coming in (even if you’re not getting paid by clients during that time).
Some things that business interruption policies help pay for include:
- Normal business revenue
- Mortgage, rent or lease payments for your business’ location
- Loan payments
- And even relocation costs, so you can temporarily work from a different location if possible.
How to plan for business interruption insurance
Consider what would have to happen for your work to come to a halt — it really isn’t much, is it? You can imagine scenarios all day long. Instead of worrying, talk to one of our agents who can help you choose the appropriate policy for your budget and business.