Business Interruption Insurance
When Bad Things Happen
While statistics vary, a majority of small businesses closed for even a short time after a fire, flood, or major damage never reopen or fail within a short time after reopening. If a company loses its computer information and files, the rate of failure is higher. Without business income insurance, many companies simply get too far behind financially to recover.
The purpose of business income insurance is to provide business owners with an agreed amount of monthly income to replace the revenue lost while the firm is closed. The cash flow from business income insurance is used to:
- Replace profits lost during closure of the business
- Cover fixed costs that continue whether the business is open or closed
- Provide income to essential employees
- Maintain licensing payments and other operational commitments
- Provide funds to relocate the business in temporary spaces
- Cover extra expenses caused by the closure and any temporary relocation
Without business income insurance, many companies lose essential employees. Small companies risk loss or contracts, relationships and access to key vendors. Seasonal businesses suffering losses without business income insurance may lose the ability to meet customer demands if the business reopens too late in the season. Each business faces different risks from temporary or extended closures due to floods, fires and other causes. Customized coverage is available to meet individual company needs.
Our experienced representatives understand the importance of a proper level of business income insurance coverage tailored to your specific business situation. You’ll find the coverage surprisingly affordable and the source of peace of mind concerning your ability to survive a natural or man-made disaster.
Many property leases give the owner of a property the choice of whether or not to rebuild after a fire or other major disaster. Without business income insurance you will find it necessary to replace existing income as well as find funds to cover the costs of relocation. Even if you carry adequate property insurance to cover the physical losses, only business income insurance provides the funds to replace normal operating revenue.
O’Kane & Tegay representatives can provide you with access to a range of quality national carriers offering business income insurance.
We’ll work hard to help you find the business income insurance coverage that best fits your company.
We can also suggest ways to prepare your company for business interruptions and show you how to minimize the effects when they do occur, including using remote backups for your customer and computer information and files.
Learn more about your business income insurance options when you call us today at our San Francisco office, phone 415-242-8777. We’re there from Monday through Friday from 8 a.m. to 4 p.m. to discuss your business insurance needs.
We’ll review your current business income insurance coverage at no cost or obligation. This analysis will allow us to recommend affordable business income insurance options for your company.