Taking into consideration the rising trend of major disasters around the country, your business could very well be affected by a catastrophe at some point in time. Business interruption coverage can prepare you for unforeseen disasters that can bring your company to naught. Here are three ways business interruption coverage from Aspen Gold Insurance Brokers can protect your Westminster, CO company from loss.
Replaces Lost Income
Standard business insurance policies cover damage to business property, equipment and inventory so you can replace the items you need to continue operating. It doesn’t, however, replace a loss of income if your business has to close temporarily to recover from a disaster. A lengthy shutdown for major repairs to your office or warehouse could cost you much-needed income that you can use towards disaster recovery. Business interruption coverage helps replace lost revenue to keep your business going until you can reopen your doors and start generating income on your own.
Covers Employee Payroll
Business interruption insurance also covers employee wages during a shutdown, so you don’t lose valuable manpower in the interim period of making repairs. Good workers are hard to find. By covering payroll, business interruption insurance makes it easier to keep experienced employees until work conditions stabilize and you’re ready to resume operations.
Pays for Business Expenses
Even in a disaster, you’re responsible to pay for typical business expenses like rent or mortgage of business property and utility costs. Business interruption insurance provides funds to keep up with your financial responsibilities during a shutdown. It also pays for temporary setup in a new location until your building’s repairs are done.
Business interruption insurance makes it easier for you to get back on your feet after disaster strikes. To learn more about this coverage and costs, contact us at Aspen Gold Insurance Brokers, Westminster, CO.