If a fire or natural disaster caused your small business in Sandy, UT to temporarily close, would you have the financial resources to carry on? Business interruption coverage can provide the funds you need to maintain your business while your premises are under repairs. At Smart Way Insurance Agency, we encourage small business owners to consider what business interruption coverage has to offer.
A temporary shutdown can have a devastating effect on a company’s revenues. If your business has to close temporarily due to damages sustained in a fire or other covered peril, loss of income could cause a serious blow to your finances.
Business interruption compensates your business for lost income and operating expenses such as power and water, even if business activities have stopped. When deciding on coverage limits, take into account how long it might take you to re-open so you can obtain sufficient coverage to protect your assets during the time you are “down.”
Rental or Lease Payments
If you’re renting or leasing a property that requires payment, whether it’s being used or not, business interruption insurance will cover this cost. If you decide to relocate temporarily, the business interruption will cover the cost of moving and renting a new location until repairs on your building are done.
Business interruption coverage will help cover your payroll during your downtime, so you don’t lose valuable employees.
Loan Payments and Taxes
Taxes and loan payments are also covered under a business interruption policy, protecting your interests when your company is down.
When you own a business, you need to be prepared for any eventuality. With ample insurance protection, you can have the confidence to make financial investments that will help your business grow.
To learn more about business interruption coverage and costs, contact Smart Way Insurance Agency, Sandy, UT.