06/27/2023
Business Insurance Basics: What is Business Income Insurance?
What is business interruption insurance? Business interruption insurance, sometimes called business income insurance, can be part of a standard business policy form or purchased as an endorsement or rider to a property insurance policy or package. It covers operating expenses and lost income for a set period of time incurred by a company that closes or is unable to operate normally as a result of physical damage to the business property by a covered peril. For example, if a fire renders a retail store unusable and it is not able to sell merchandise and generate revenue during the time it is closed for repairs, business interruption coverage could help offset income losses along with continued necessary day-to-day expenses (such as payroll and taxes).
The Pillar Group is well versed in the matters of business insurance visit our website or give us a call. We look forward to hearing from you.
What is business interruption insurance? Business interruption insurance, sometimes called business income insurance, can be part of a standard business policy form or purchased as an endorsement or rider to a property insurance policy or package. It covers operating expenses and lost income for a set period of time incurred by a company that closes or is unable to operate normally as a result of physical damage to the business property by a covered peril. For example, if a fire renders a retail store unusable and it is not able to sell merchandise and generate revenue during the time it is closed for repairs, business interruption coverage could help offset income losses along with continued necessary day-to-day expenses (such as payroll and taxes).
The Pillar Group is well versed in the matters of business insurance visit our website or give us a call. We look forward to hearing from you.
