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Do you have Business Interruption Insurance?

Posted Nov 10th, 2015 in General, Insurance Tips, Commercial Insurance, Did You Know?

Commercial insurance provides you with peace of mind that your Ontario business is protected if anything were to occur. However, you may not be aware that your policy does not include business interruption insurance.

If anything were to happen to your business, such as a fire or natural disaster, business interruption insurance steps in to assist your company with any losses associated with being temporarily unable to operate. It provides you with the additional protection needed to get your business back into operation including covering expenses, providing you with revenue for profit sales lost and it even covers moving the business to a temporary location while the business facility is being repaired.   

When deciding on what business interruption insurance best suits your business you have a few options to choose from;

Business Interruption Insurance OntarioExtra Expense Insurance

This coverage is to ensure your company can keep running while recovering from damage. For example, it will cover costs involved with replacing manufacturing equipment or rental office space following a flood.  

Gross Earnings Coverage

This coverage provides you with compensation only until your insured property is either replaced or repaired. In addition, there can be a set limit as to a time period and amount of coverage provided. The concern with this type of coverage is that when you resume business operation the coverage stops regardless of if you have achieved your previous earning level.

Profits Form Policy

This option offers a more comprehensive coverage package for your business following an interruption. For example, with this coverage you will be paid until your business resumes normal operation/profit earnings (within policy limits).  Although this type of coverage tends to be more costly then gross earnings coverage it is superior, something you will be thankful for should anything occur. 

Actual Loss Sustained

This coverage is exactly as sounds; it will pay out the amount for the actual loss sustained. This is a more broad form of business interruption insurance available to you.

If you would like more information or if you would like to give Youngs Insurance Brokers the opportunity to review your existing business insurance package to see if you have all the necessary coverages please contact us today!

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