Business Interruption Insurance Coverage Solutions with LMBF
Business interruption insurance coverage is a vital component of any BOP (business owner policy) as it stands to replace business income that is lost due to an insurable disaster that forces you to close temporarily. This commercial rider will cover most necessary expenses during the period of interruption, triggering when the business sustains a direct physical loss (or when a nearby business sustains loss and a civil authority closes all surrounding businesses) and ending when the business interruption period is over. Commonly, a standard policy will be valid for as long as 30 days but some endorsements may extend that period to up to 360 days. LMBF can help your business find the best business interruption insurance coverage to suit its needs. Discuss with a broker or apply for a free quote today.
What Disruption Insurance Covers
Profits
During a period of forced closure, your business interruption insurance policy will offer financial recourse for profits that would have been earned. This amount is calculated on your business’ previous month of performance.
Temporary Relocation
Depending on the extent of the damages, your business may be forced to temporarily relocate. Your business interruption insurance policy may cover the costs involved with relocation, such as moving, rent, and operations.
Reasonable Expenses and Fixed Costs
Your business interruption insurance may include coverage for several costs that are involved with regular business operations, such as operating expenses, employee payroll, commission, taxes, loan payments, training costs, and so on.
- Loss of income
- Fixed costs
- Ongoing bills
- Reasonable expenses
- Taxes
- Physical damages
- Liability
- Unnecessary expenses
- Growth and expansion
- Pandemics or viruses
What is business interruption insurance?
Business interruption insurance, or loss of income insurance, is a commercial insurance rider that is optional to include with your standard business insurance package that includes coverage for various expenses during a period of forced closure due to an insurable event. This may include expenses such as income (based on previous performance), employee wages, taxes, rent, civil authority, training costs, relocation costs, and loan payments. Business interruption insurance is sold as an add-on, so it cannot be purchased as a standalone policy.
Business Interruption Insurance for These Business Sectors:
Construction
- HVAC construction
- Commercial construction
- Residential construction
- Demolition
- Electrical installers
- Highway construction
Manufacturing
- Metal manufacturers
- Autobody part manufacturers
- Chemical manufacturers
- Food manufacturers
Transportation
- Airlines
- Freight road transportation
- Courier companies
- Railways
- Trucking companies
Retail Industry
- Liquor retail
- Grocery retailing
- Furniture retailing
- Garden supplies retailing
- Auto parts retailers
Wholesale distribution
- Agricultural machinery wholesale
- Audio and video equipment retailers
- Bakery product wholesale merchants
Professional Services Industry
Our Business Interruption Insurance partners
Business interruption insurance is a vital rider that most - if not all - businesses should consider. If you net income stream should halt unexpectedly due to a disaster, could you afford to take care of your ongoing wages until you were allowed to reopen? LMBF wants you to have the peace of mind you deserve and has partnered with some of the top business interruption insurance carriers around to ensure that you get the coverage you need. Get a business interruption insurance quote today to see just how affordable great protection can be.
