Comprehensive business coverage is just as important as any other type of insurance. Commercial property is just as susceptible to loss, damage, and theft as residential properties. Fortunately, there are policies available that are designed to cover everything from a business’s physical property to general and professional liability to workers’ compensation. Risk management is a key component to running a successful company, and IMA is dedicated to providing businesses with the insurance coverage they need.
One risk that business owners hope they never have to face is the possibility of business interruption. Businesses are sometimes forced to shut down for various lengths of time for any number of reasons, ranging from property damage to a disruption in utility services to an act of civil authority like an evacuation. It is important to be protected against these unforeseen risks so that an interruption in business does not lead to a major loss of income and a threat to your company’s survival.
In the event that the premises of a business must be vacated, insurance against this interruption compensates a company for lost revenue that would have been earned during the period that the business is closed. Lost revenue estimates are calculated using existing financial records. Coverage is also provided for operating expenses that are ongoing during the disruption, such as utilities that must still be paid.
Small businesses should think ahead when selecting an insurance package that includes interruption insurance. Coverage for just a few days of lost business might not be sufficient to cover a complete restoration in the wake of a significant disaster. A tornado, for instance, might cause damage that could take months to repair. As with any other insurance policy, it is vital for business owners to understand the terms, conditions and limitations of their coverage. What, for example, is considered as a covered loss under the terms of the policy? Some types of disaster, like floods or earthquakes, are not always covered under a standard policy and necessitate additional coverage in order to be fully protected.
Your insurance provider can help you assess your risk for certain types of hazards that could potentially lead to business closure based on your location and other variables like sprinkler systems and security measures. Policy nuances vary, as do coverage amounts, so having a firm grasp of the different types of coverage available is important for any business owner.
Because IMA is dedicated to providing comprehensive coverage designed for maximum protection, businesses can be assured when working with us that we will work to create a risk management program that is tailored to your company’s needs. We also provide claims advocacy in the event your business suffers a loss.