What would you use to pay the bills and get your business up and running again if a fire or severe storm shuts you down? A very important part of one’s property insurance portfolio is the loss of income section. This applies to business interruption due to a covered peril involving a property loss. The insurance policy can provide the owner with his normal profit based upon prior history as well as any extra expenses to get the business back to the point it was at prior to the loss. In other words, the policy will pay the proceeds needed to get you up and running at another location until your original location is restored while any lost profit in between is paid to you!

It is important to note that the specific reason the business is shut down must be covered within the policy. For instance, termites or insect infestation is an excluded peril in regards to property coverage. Also, standard policies might not cover a flood, earthquake, or off premises power outage without a special endorsement for these type of losses.

If your business relies on machinery or energy to power its production, make sure you include boiler and machinery coverage. This is commonly known as equipment breakdown in modern policies and will pay for the loss of income based upon coverage being triggered by the mechanical breakdown.

Let Hanson & Ryan make sure your mortgage or rent bill gets paid and your business survives without you losing any profit should one of these unfortunate incidents strike you where it hurts most---your ability to produce. Some businesses such as a technology consultant might be able to adapt rather quickly to working from a remote location. Our agency will analyze the catastrophic scenarios that could affect your business and make sure you buy only the amount of loss of income protection you need to survive and to rebound.

Loss of income protection costs can vary but are typically inexpensive. However, the common insurance buyer can easily overlook this vital coverage. Without the proper advice from one of the business professionals at Hanson & Ryan, it could be the missing coverage that causes the collapse of the business you worked so hard to build.