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How to Make Sure You Don't Have Surprises Regarding Business Interruption Coverage

We know it is easy to blame insurance carriers for denying claims. The truth is though that the terms of coverage are spelled out in the policy. So it is crucial to read and understand your business’ coverage. If you don’t understand, talk to your agent and get a clear understanding!

Here are a few things to focus on regarding your Business Interruption policy:

Waiting period – what is the wait time before your benefits start? 48 hours, 72 hours, etc.

Proof of loss – you can’t simply say "we need the coverage benefit." You do have to prove that your business has suffered financial damage after an interruption. Make sure you understand what proof your policy requires. Also, make sure you are documenting day-to-day operational details – growth, revenues, staffing, expenses, etc.

Unique coverages – different carriers include different coverages. So coverage can vary from policy to policy. Make sure you know what you are comparing.