Power outages, theft or property damage can strike businesses without warning, often in ways you can’t expect. While these situations are usually temporary, they can result in long-term consequences. Besides the initial loss, a business may be forced to close for days, weeks or months, cutting off revenue completely. The reputation of a business can also take a hit and lead customers to permanently switch to a competitor.
That’s where business interruption coverage helps businesses recoup losses from unexpected closures. However, many insurance providers do not automatically include business interruption coverage in their policies. And those that do often only begin reimbursing policyholders after 72 hours or require a minimum deductible. That means a business will not be reimbursed for lost revenue and necessary continuing expenses for up to three days. And as any business owner knows, even one day out of operation can make a big difference.
This would have been the case for one restaurant in the vacation destination of Door County, Wis., had it not been insured by Society. The policyholder had to close their restaurant as a result of a power outage from a serious storm that swept through the area. Though only closed for a single day, it was during one of their busiest summer weekends, causing them to miss out on a significant amount of business from hungry tourists. Fortunately, they were rescued by our no-wait business interruption policy. (Read all about what happened in our case study.)
Society understands that business downtime can have a huge financial impact on business owners. That’s why Society includes Business Interruption coverage in all of its Businessowners Policies. Our no-wait policy also ensures you’re covered the moment you begin losing business.
To discover all the small details Society includes for your business, contact an independent Society insurance agent today.