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Should Your Small Business Have Business Income Insurance?

Call (800) 641-7488 to speak with a live representative

Business income insurance, sometimes referred to as business interruption insurance, is a type of insurance that covers the loss of income that a business suffers after a property loss catastrophe.  Besides other hardships your small business may endure, loss of business income is a significant one.

While standard business insurance policies cover losses or damages to tangible items, such as inventory, equipment and fixtures, no coverage is offered to lost profits if your business cannot operate.  Business income insurance helps to secure money a business would have received if a fire, or any other property loss, causes the business to close its doors.

In most states, business interruption is not sold as a standalone policy.  This coverage is commonly added onto a property insurance policy or sometimes included in a business owner’s policy package.  Business income insurance compensates you for losses of income your business would have earned based on your financial records.  Also covered are fixed operating expenses, like electricity, that continue even though business operations have temporarily stopped.  Income losses are paid until the business property is repaired and ready.

How much is business income insurance?

Just like any type of business insurance is hard to calculate without a quote, business income insurance costs vary depending on the type of business you run.  The price of this coverage is based on the risk of fire, or any other property damage risk.  The price of business interruption coverage would be significantly higher for a business with a higher exposure to a property loss, such as a restaurant, than a business with less of a property loss exposure, such as a small office or home-based office.  It is also more difficult for a restaurant to continue operations at a temporary location while property repairs are in progress.

Insured ASAP represents some of the nation’s leading insurance carriers that offer coverage for loss of business income or business interruption insurance.  For more information, call an agent at (708) 233-4848 or request a quick & easy quote online.

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