As a business in Boca Raton, FL, you know the importance of having business insurance. However, you may not know the importance of supplemental insurance in the form of business interruption insurance. In fact, you may have never heard of it if you are a new business. This type of supplement coverage can be invaluable to your business in the event that your business must close due to unforeseen circumstances. The team here at Coastal Premier Insurance Group wants to ensure you know more about business interruption insurance so you can make an informed business decision about this type of policy.
What It Covers
Although specific coverage will vary from one insurance company to the next, there are basic things that will be covered. For instance, in general, you can expect any profit your Boca Raton business earns to be compensated while your doors are closed. The funds you receive can be used to cover payroll costs as well until you are up and running again. In addition, any loan payments, taxes, and other business-related expenses will be covered.
What It Doesn’t Cover
Like any other insurance policy, business interruption insurance will not cover certain types of losses. For instance, as a general rule, your policy will not pay out if you are only partially shut down. In addition, if you are unable to provide proof of income, you likely won’t be compensated. Finally, the policy will only pay out for covered events outlined in your policy.
Who Needs It?
Ultimately, any small business needs to have a business interruption insurance policy, as it can offer much-needed supplemental protection in the event of an unforeseen catastrophe. Usually, this type of policy can be added to your current property insurance.
You never know what could happen to your Boca Raton, FL business, so reach out to us at Coastal Premier Insurance Group and let us help you ensure your business has the protection it needs when you need it most.