Why Do I Need Business Interruption Insurance?
Business Interruption Insurance was originally established for the manufacturing industry. However, over time it has evolved into an essential risk transfer tool for all industries. Coverage provides resources that aid in recovery and can help get a company back on its feet quickly.
Small businesses can be devastated by torrential rains, hurricanes or tornadoes, reeking havoc on the building and damaging important equipment inside.
Business Interruption Insurance will pay for the days the company is down. This type of insurance will reimburse you for lost revenues,
minus any expenses the firm would have incurred. The insurance will allow you to continue to pay for your staff, meet credit obligations and more quickly reopen your business.
Business Interruption Insurance doesn’t just assist with small businesses meeting payroll and bills during a crisis; according to data from the Institute for Business, Home and Safety, 25 perfect of businesses never reopen following a disaster or interruption.
For larger businesses, Business Interruption Insurance can provide employees and shareholders peace of mind. Shareholders especially like to know that a business’ profits are protected in case of fire, tornado, hurricane, or other disaster.
Don’t wait until your business experiences a significant loss to consider this vital business insurance protection. Contact Midwest Insurance Group, LLC at (262) 646-5777 to review how this type of coverage can fit into your overall business insurance portfolio.