Why You Need Business Interruption Insurance

2/11/2021 (Permalink)

Flooding can lead to severe water damage.

There are quite a few things that could disrupt your Layton, UT, business operations and protecting against those interruptions can be one of your top priorities. In spite of your precautions, however, it's also important to purchase business interruption insurance to cover you against losses, such as large water damage that might occur following flooding.

What To Expect From Business Interruption Insurance

Just as there are multiple insurance providers, there are many different policies and degrees of coverage, but there are some protections that are consistent:

• If flooding from a broken pipe closes your doors, that lost income, or the money you would have made if you'd stayed open, is generally covered.
  
• Without revenue, it can be hard to cover basic expenses, such as your mortgage or rent and payroll. Your insurance coverage may ensure that you can pay your business-related bills and your employees can continue to pay their bills as well.
  
• Sometimes, property damage is severe enough that you need to move your business elsewhere while cleanup and remediation professionals repair your building. Your insurance policy may cover the temporary relocation
  
  

In addition to making sure you have appropriate insurance coverage, you also need to work to keep recovery losses and costs low.

How To Prevent Further Damage

Taking quick action is one of the most important things you can do to lower your business interruption insurance losses. If it's possible to stop water from flowing through your property, such as by shutting off the water main, do this as quickly as possible. Reach out to your insurance provider and water cleanup and damage professionals to learn more actions you can take to reduce damage and get your company back to business as quickly as possible.

The protection you enjoy through insurance coverage is just one way to help your business survive disasters such as flooding. What are some other steps your business has taken to weather catastrophes?