Business interruption insurance is a type of insurance that restores lost revenue in the event of a fire or a natural disaster. Premiums for business interruption insurance are tax-deductible as regular business expenses. The amount due is usually determined by the company's prior financial records.
Business interruption insurance is not provided separately; it is either incorporated into a property/casualty policy or included as an add-on or rider in a comprehensive package policy. Business interruption insurance policies usually cover the following components:
- Profits
- Taxes
- Costs that are fixed
- Temporary business location
- Costs of commission and training
- Wages for employees
- Payments on loans
- Additional costs
It's essential to know that the insurer is only required to pay if the insured suffered a loss due to the business interruption. The amount that the company will recoup can’t exceed the policy's limit.
Nonstop Protection from Findalowrate
Save time and money when you shop for business income insurance with us. Get a fast quote with an entirely online process and address your issues before they happen.
