Risk is an inherent component to doing business. Risk exposure begins in the business planning phase with the first action taken toward creating a business, and it remains for the duration of the business. Insurance is one of the best defenses against risk and certain must-have insurance coverages are your strongest defenders.
Business Interruption Insurance Coverage
Peril comes in all shapes and sizes. Your business needs insurance coverage designed accordingly. Fire, theft, vandalism and weather are just a few of the events that can interrupt the normal conduct of business and wreak havoc on operating income. Business interruption insurance is designed to cover losses to operating income due to covered perils. Actual loss sustained coverage, as a component of a business interruption policiy, ensures your business will receive full recompense for actual losses to operating income, not subject to limits.
Business Property Insurance
Equipment and property, owned or leased, is constantly exposed to risk. Think about this – it takes things to make things to make money. It takes equipment and space to create products and services that make money for a business. This equipment and property are critical to the life of a business and must be insured accordingly. Business property insurance covers your space and its contents in the event of a covered peril.
Risk is pervasive and constant. Business insurance should be structured to accommodate this reality. Business interruption and business property insurance coverages are two must-have coverages needed by any business.