Your business operations in Newport Beach, CA have been closed until further notice. Customers are willing to wait until you can once again patronize clients. Your revenue, however, suffers in the process. Commercial insurance offered by Murvay Insurance can cover your company’s financial loss.
What is business interruption insurance?
Business interruption insurance is indemnity coverage that replaces income lost by a covered incident. This type of commercial insurance may also pay for additional expenses that are necessary to get the establishment back in operation.
What does business interruption insurance cover?
A qualified incident for business interruption insurance coverage may include theft, fire, violent winds, and lightning. You may also receive coverage for large objects that cause damage to your establishment by falling on the structure’s rooftop.
You may need additional insurance to reap the benefits of business interruption coverage when the cause is a natural disaster in Newport Beach, CA. An agent at Murvay Insurance can help you better understand how fires and inclement weather are handled.
How do you receive compensation?
Business interruption insurance coverage can reimburse you for lost income as well as extra expenses. Lost income includes the amount you would have received for destroyed merchandise minus the cost of shipping.
Additional expenses covered by business interruption insurance may include compensation for temporarily relocating until your primary location is again inhabitable. You should keep evidence (i.e., receipts and bank statements) to provide proof of the additional costs.
Is there a deadline?
Business interruption insurance typically comes with a “restoration period.” This period, usually a maximum of 12 months, restricts the amount of time compensation is provided for a covered incident.
It is important to fully understand your commercial insurance policy. Call Murvay Insurance today to schedule a consultation or receive a quote for coverage.