Business Interruption Insurance - Woodbridge, New Haven, CT
What Is Business Interruption Insurance?
If a company has its regular operations interrupted, it can cause sizable financial losses. In addition, your business’s reputation could also take a hit if customers, clients, vendors and partners become frustrated with the resulting delays.
Fortunately, for over 75 years, the insurance experts at Svendsen Insurance Agency have been helping businesses in the Woodbridge area avoid these issues.
What Does Business Interruption Insurance Cover?
There are many different situations that could lead to an unexpected business interruption. In general, a business interruption policy may provide coverage and financial assistance for the following losses or expenses:
- Regular revenue lost due to the interruption
- Payments for the business or property at which your company operates
- Salaries and wages for employees
- Relocation expenses made necessary for temporary operations
- Training costs for employees to learn to use new equipment following an incident
- Payments due for loans during the interruption
How to Obtain Business Interruption Insurance
Like most insurance policies, the cost of business interruption coverage can vary greatly depending on various factors, such as the following:
- Amount of coverage needed
It’s worth noting that, to obtain business interruption insurance, most providers require a business to have a physical, commercial location. Companies being operated out of a residence will likely not be eligible.
Get the Right Coverage
Most business interruption policies will include coverage for stoppages caused by fires, storms, theft and other incidents tied to a commercial property insurance claim. It’s important to note that this type of insurance may not be able to help with certain interruptions, such as those stemming from earthquakes, flooding or pandemics. Every policy is different, so check your business interruption policy’s specifics.
The agents at Svendsen Insurance Agency can help you learn about business interruption insurance and find additional coverage to fit your needs. To receive a quote or to find out more, contact us today.