Business Interruption Insurance

Business interruption insurance is a type of insurance that provides coverage for the loss of business income in the event of a disaster, such as a fire or natural calamity. Instead of being sold as a standalone policy, it is typically offered as an add-on or rider to a property/casualty policy or a comprehensive package policy. The premiums for business interruption insurance, including the additional cost of the rider, can be considered as tax-deductible ordinary business expenses. However, it's important to note that this insurance policy only pays out if the cause of the business income loss is covered by the underlying property/casualty policy. The amount payable is generally determined based on the historical financial records of the business.
And that’s where an annuity can help. They’re insurance products designed to provide you with a way to accumulate tax-deferred savings while you prepare for retirement and a steady stream of retirement income.

Business interruption insurance plays a crucial role in a company's business continuity plan. This type of insurance aims to provide compensation to the insured for the financial consequences resulting from an interruption or interference in their business operations caused by physical damage to their property or other significant external events, such as damages occurring at the premises of suppliers or customers. The primary objective is to restore the business to its original financial state as if the loss had never happened, while considering the specific terms and conditions outlined in the policy.

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.