One of the biggest concerns for business owners in Pooler, GA, is the potential impact if their company cannot operate for an extended period. Without income, many businesses could face closure through no fault of their own. Fortunately, business interruption insurance can help mitigate this risk. The agents at TruePoint Insurance can guide you on how to include it as part of a new business owner’s policy (BOP) or as a standalone insurance policy.

Protection Against Income Loss

Business interruption insurance protects against income loss when your business cannot operate due to a covered peril. Common covered risks include theft, fire, wind, lightning, or falling objects. This type of insurance goes beyond covering operational expenses. Most policies provide funds for the following:

• Lost revenue
• Mortgage, rent, and lease payments
• Loan payments
• Taxes
• Payroll
• Relocation costs
• Extra expenses for temporary rental facilities

Business Interruption Restoration Period

Your policy will specify a restoration period, which is the duration your policy will cover lost income. This period typically lasts 12 months, although some carriers may allow you to extend it for an additional fee. Policies also generally include a waiting period of 48 to 72 hours after an incident before coverage begins. Timely repairs are crucial, as delays in restoration could potentially affect your loss of income payments.

What This Policy Doesn’t Cover

Like most insurance policies, business interruption insurance has exclusions. It will not cover the following:

• Broken items
• Damage caused by earthquakes or floods
• Undocumented income is missing from your financial records
• Utilities
• Shutdowns resulting from communicable diseases

Learn more about how your company can benefit from business interruption insurance. The agents at TruePoint Insurance, serving Pooler, GA, are happy to explain how this coverage works. Call our office today to get started.