Business income insurance provides coverage for loss of income due to a covered claim to maintain your financial position prior to a loss. Coverages include:
Fixed Costs (Payroll, operating expenses, and other costs incurred by the business or property)
Extra expenses (one-time additional costs that arise due to the incident – ex. having a competitor complete orders, temporary re-location)
Important Points to Consider:
Stated amount of insurance vs. actual loss sustained.
Waiting time for your coverage to begin.
Period of restoration.
How much do you need?
Every business is unique and has different exposures (even within the same industry). The challenge is coordinating the financial and operational departments of your unique business.
At Weaver & Associates, our main goal is educating and protecting our clients from risks associated with running their business.
Click Here for a real life example of a business owner just like you who suffered a debilitating loss that could have completely destroyed his business.