Should your business suffer a catastrophe and have to be shut down for a period of time, you may need business interruption insurance. Make sure your business insurance in Florida includes this key coverage.
Business interruption insurance is important because in the event of a disaster, natural or man-made, that leaves your building damaged or destroyed, you may have to close your business for a period of time. You may lose sales to competitors, or be unable to fill existing orders. This is where business interruption insurance comes in.
There are several types of business interruption insurance. Business income coverage offers compensation should your business have to vacate the premises due to damage from a disaster. This type of policy can also provide coverage for operating expenses even though your business has come to a temporary halt.
Extra income coverage may provide reimbursement for operating expenses over and above the norm, due to the business’s restoration. Contingent business interruption insurance typically provides a level of financial protection for a business owner’s earnings following damage to the business or loss of customers or suppliers after a covered event. Your agent can help you decide which business insurance in Florida may be right for your business.*