Business Interruption Insurance: Allowing You To Stay Operational, Even When The Unexpected Happens
When the unexpected happens, you want to know that your business is safe. Whether your business is impacted by fire, explosion, or weather related loss, or something else forces your business to temporarily close, you are covered with business interruption insurance.
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What Does Business Interruption Insurance Cover?
Business interruptions refers to insurance that protects your business from significant financial losses when your business is stopped due to an unexpected event, such as a natural disaster.
Business interruption coverage is different from general property insurance, which covers the physical building and equipment inside of it. This unique coverage focuses on the financial impact of that downtime.
If your business is forced to close its doors, business interruptions coverage is there to pick up the pieces.
Business interruption insurance can cover:
- Operating expenses you are required to pay even if you aren’t open
- Lost revenue during the downtime
- Payroll
- Extra expenses
Add business interruption coverage so you can still pay the bills, cover payroll and maintain stability while you recover.
What is business interruption insurance?
This important coverage is vital to your survival as a business. Should a fire or other disaster damage your premises, your workspace could become temporarily unusable. This would then affect your ability to serve clients, severely impacting your income. Business interruption insurance allows the owner to collect the income they would have generated were it not for the unfortunate event. Business interruption insurance is not offered separately. It’s rolled into your property insurance as additional coverage. This coverage can be either a named perils policy or an all risk policy. The former covers a list of specific perils, whereas the latter provides protection against all perils — other than those specifically excluded from your policy.
The Two Types of Coverage
When choosing this insurance coverage, it’s important to consider your indemnity coverage. Indemnity coverage refers to the time period that your business interruption insurance will cover lost income during a covered event.
Gross earnings coverage
Limited indemnity coverage ends as soon as repairs are complete and you can reopen, even if your business is not making its usual revenue. If you have quick recovery timelines and you want a lower-cost premium, then this is the way to go.
Profits Insurance
will continue to pay benefits until your business income returns to its pre-loss as long as it's within a predefined time limit. If you have complex operations and long rebuild times, then you want fuller financial protection with extended indemnity.
The Cost of Business Interruption Insurance
The reality is that a disaster can strike at any moment, and it can take weeks or months to rebuild your business and resume normal operations. You don’t want to go this long without financial protection.
Premiums associated with business interruptions insurance can vary depending on the type of peril that your business experienced. It also depends on if your business is at a higher risk for certain perils like flood or fire.
The reality is that 25% of small businesses never reopen after a major disaster. Don’t let that be you. Get comprehensive business interruption insurance today.
Why trust Oegema, Nicholson & Associates?
When it comes to determining the right insurance, Oegema, Nicholson is here to help. We do a deep-dive into your situation to identify the best coverage options for your business needs.
At Oegema, Nicholson & Associates our mission is to connect our clients with some of the lowest rates in the industry.
Proudly serving Canadians since 1961, Oegema, Nicholson has the expertise to deliver a comprehensive policy for your business. We can help you develop an insurance coverage strategy that addresses risk and closes any gaps in your overall protection plan.
Have peace of mind knowing your income will be covered in the event of an unexpected emergency.
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Oegema, Nicholson & Associates Insurance
“One call to Oegema, Nicholson & Associates is all it took. After our basement flooded, within a day or two they had a crew cleaning everything up, taking down the drywall and itemizing everything to be cleaned, thrown out or restored. They had everything in place for us in a timely manner and were extremely patient with me as they talked me through the process and waited for me to make decisions.”
Jennifer Parks, Stittsville, Ontario
“I’ve been dealing with ONA for over 20 years with my personal insurance, as well as our commercial insurance, and I know I can rely on them for great customer service, and prompt responses. I feel confident not only referring them to my employees, but to our customers as well.”
Charlene Brunet, Butler Group of Company
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