MONDAY, JANUARY 31, 2022
Are your expenses covered if you are temporarily shut down due to property damage? Commercial Property Insurance helps to protect your building, equipment, and other assets you own but there are other coverages to consider.
For example, if you are temporarily shut down due to a covered loss, did you know that your property policy can provide for Business Income and Extra Expenses? This coverage can help replace expenses like payroll, rent, mortgage payments and other financial obligations while your building is being repaired. Typically, this coverage comes in increments of 3, 6, 9, or 12 months. You will have to show receipts and/or accounting records if you make a claim so make sure to thoroughly evaluate your needs so you don’t pay for more than you really have to! This coverage can usually be added mid-term but discuss adding this when you do your policy renewal review. If your agent is not reviewing your policy with you at renewal time, request that they do so and ask questions about this important option.
Ask your agent about this today and make sure you are getting the most from your insurance!
Posted 6:23 AM