Business Interruption Insurance

August 17, 2020

When an occurrence causes a disruption in our “business as usual” we want to be prepared as much as possible. Whether it is an El Nino downpour, a mechanical breakdown or the ever looming cyber attack; a real deterrence to running our business could be the lost income we receive while putting back together interrupted pieces of our business.

The standard Business Interruption Insurance is a form of insurance coverage that replaces business income lost as the result of a covered event that interrupts the operations of the business, such as fire or a natural disaster. The standard Business Interruption Insurance is not sold as a separate policy, but is either added to a property/casualty policy or included in a comprehensive package policy.

Since the standard Business Interruption Insurance is added to a property/casualty policy there are likely exclusions when it comes to other causes of loss; such as, cyber liability. You will need to discuss with your insurance broker when evaluating your risks and ask the question “Will this policy cover Business Interruption-Loss of Income?” In regards to the cyber attack, your company may need an added cyber coverage to an existing policy or perhaps a separate Cyber Liability Insurance policy depending on your company’s risk in this area.

Evaluating your risks with a knowledgeable insurance broker is critical. At The Armstrong Company Insurance Consultants our experienced licensed representatives will help you find the right coverages by evaluating your particular risks. For more information, contact the Armstrong Company Insurance Consultants today.  We are here to work for you!

 

The Armstrong Company Insurance Consultants  (License #0440075)