Business interruption insurance is a type insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.
A business that has to close down completely while the premises are being repaired may lose out to competitors; therefore, a quick resumption of business after a disaster is essential.
Business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire. Business interruption insurance covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
If you have suffered a business interruption due to a catastrophe, please notify CMC to assess your unique situation and begin the recovery process.
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Millions of dollars will be unclaimed this year simply because policy holders do not know what they are entitled to.