What is Business Interruption Insurance, and is it Necessary?

When most Canby, OR business owners think about insuring their business, they envision the tangible things that insurance covers, such as the structural elements of the building itself or interior water damage brought on my major storms. They may even think about the equipment used to run the business, and how adequate insurance coverage can help replace damaged equipment. Few business owners consider, however, the loss of income that takes place while a business is shut down after a serious weather event or other types of damage. Business interruption insurance is a type of specialized coverage that can help make up for lost income after a storm or natural disaster. The team at Oliver Insurance would like to cover some basics pertaining to this important coverage option. 

Depending on the type and extent of damage, your business could be out of operation for a considerable length of time. It takes time for the necessary inspections to take place, and to obtain quotes for construction or other services. Then there is the downtime necessary while the work is actually being done. It is also important to consider that after a large-scale weather event, your business will not be the only one in need of repair, and local contractors may be overwhelmed with work. That can lengthen the amount of time needed to get you back up and running. 

Business interruption insurance can be an operational lifesaver when it comes to an unexpected interruption of business activities. Having this coverage can allow business owners to continue to meet payroll and overhead costs while the Canby, OR business pauses for repair work. For more information, or to receive a customized quote, contact the team at Oliver Insurance to discuss the available options.