Naturally, business owners strive to maximize profits while simultaneously minimizing exposures. In order to do so properly, one must obtain the necessary insurance coverage. Business income insurance, also known as business interruption coverage, is one of the most misunderstood insurance policies. In order to minimize exposures, you must obtain a business interruption insurance policy. Many business owners wrongly assume this policy as an extra, unnecessary expense.
This insurance policy will provide your organization with protection against loss of income or profits. These losses must occur in result of a covered peril such as fire, a natural disaster, vandalism, theft, etc. Imagine if a forest fire were to affect your company and you were unable to provide your client’s with their goods and services for three months. This insurance policy would provide you with coverage during the time that your business is forced to halt business temporarily.
Organizations without this form of protection are forced to endure the losses from their own pockets. Many small businesses are forced to file bankruptcy after extremely damaging losses. Depending on the limits you choose for this policy, you may be able to add extra expense coverage to this policy as well.
Many business owners wrongly view this insurance policy as unnecessary, believing that their standard business property insurance policy will suffice. However, the standard business property policy will only provide coverage for loss of business equipment or structure. If you are forced to close temporarily, your standard business property insurance policy will not extend coverage.
Contact Steve Wilk Insurance in Lombard, Illinois for all of your business insurance needs. We understand that your main mission as a business owner is to protect your company’s assets, which is why we are here to provide you with unparalleled and guaranteed protection. Without sufficient insurance protection, you leave your organization vulnerable to a variety of common perils.