Business Interruption Insurance in Illinois
Business interruption insurance can help provide valuable financial protection. Contact Illinois Insurance Associates in Naperville, Illinois, to get a personalized quote.
What Is Business Interruption Insurance?
Business interruption coverage, or business income coverage (BI), may help cover your organization’s operating or recurring expenses if you must close or move to allow for covered repairs.
What Does Business Interruption Insurance Cover?
Business income (interruption) coverage may help cover the following recurring or operating expenses:
- Lost net income (based on financial records)
- Mortgage, rent and lease payments
It is essential for business owners to verify that their insurance policy provides adequate coverage beyond just a few days. Business income coverage may include a “restoration period” that specifies the duration during which the policy will provide financial support for lost income and additional expenses incurred during the restoration process. Usually, a waiting period of 48 to 72 hours applies before the restoration period begins.
Your agent can help determine the appropriate amount of coverage for your organization.
Who Needs Business Interruption Insurance?
Business interruption insurance is typically recommended for any business owner who relies on a physical location to operate and generate revenue, as unexpected events such as natural disasters or fires can severely disrupt business operations.
Contact Illinois Insurance Associates to learn more about your business insurance options and compare quotes.