Business Income Interruption Coverage – What You Should Know

Society Insurance understands that business downtime can have a huge financial impact on business owners. While some insurance companies say that your business must be shut down for at least 72 hours before they will reimburse you for loss of business income, we know that you start losing money at minute one. That’s why Society’s business income coverage kicks in immediately with no waiting period. When a covered cause of loss interrupts your “business as usual,” how long do you want to wait?

Business Interruption Insurance in Action

Consider this scenario:

A restaurant in a popular tourist destination is forced to close because of a power outage after a serious storm sweeps through the area. Though only closed for a single day, it is during a busy holiday weekend. The restaurant doesn’t incur any property damage or product loss, but the owner is forced to miss out on one of its busiest (and most profitable) days of the year. Society’s business income protection—with no waiting period—would provide coverage in this situation, reimbursing for the resulting loss of business income.

Society Insurance Business Interruption Coverage Highlights

Business interruption coverage with Society Insurance takes care of the small details that make a big difference at a time of loss so you can get back to business.

  • Society’s coverage begins immediately after a loss occurs, unlike some other insurance companies with a time deductible, where coverage may not kick in until after a 72-hour waiting period.
  • Society covers your necessary operating expenses and extra expenses, which may include a temporary location to continue business operations. Many business income insurance policies will only cover building and property repair costs. See how this made a big difference for a Society Insurance policyholder after a fire when they were able to conduct business from a temporary location during their busiest season. Watch the video.
  • While many insurance companies stipulate that a direct physical loss or accident causing a power outage must occur within 500 feet of your business premises to be covered, Society does not have this distance limitation. This makes a big difference when there is storm damage to overhead lines five miles away that affect your power supply. Learn more about “Power Outages and Business Income Protection.”
  • Business interruption coverage is automatically included in all Society businessowners policies.

Is your business properly protected? Don’t be left in the dark. It’s important to understand the details of your business insurance policy before disaster strikes. To learn more, talk to your local independent Society Insurance agent.

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2 thoughts on “Business Income Interruption Coverage – What You Should Know

  1. Iris Black

    I loved reading your article! While we tend to look for insurance for almost every aspect of life, business owners often neglect to secure their business with insurance. In business, as in life, you can’t really foresee the future and there are always up and downs. The best way to stay prepared for the worse is to cushion yourself with insurance. This is especially useful to protect your business against market inflation or emergencies. Having business insurance will not just provide you peace of mind, but will also give you tax benefits.

    Reply
  2. John M

    Does business income interruption cover loss of income if the restaurant is closed for a few days due to health department code violations?

    Reply

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