- How much income do you need to continue operating your business in the event of a shutdown of your premises?
- How quickly will the policy become active after you report an incident?
- Will you need additional coverage for extra expenses such as leasing temporary office space, computer equipment or office machines?
Action Steps
The best contacts and resources to help you get it done
Determine your needs
What does it take to run your business on a daily basis? How much do you need to pay your rent or mortgage, salaries, utilities, taxes, telephone and Internet service? Knowing your risk is the best way to determine the type of insurance plan that is right for your business.I recommend: The Insurance Information Institute offers helpful information on business insurance basics and how to purchase an insurance policy. You can also check out the Small Business Administration's guides to purchasing business interruption insurance.
Put it in writing
Make sure your policy includes information about your business income, projected future income and the projected expenses your business will incur on equipment, payroll and securing a temporary operating facility.I recommend: Insure.com offers a small business liability tool to help you determine your expenses and insurance needs.
Price your options
Premiums can vary widely, but coverage limits are generally 20 percent of the value of the business. You can also purchase dollar limits of coverage.I recommend: Contact your insurance broker or agent to help you determine how much insurance you need. If you don't currently work with an agent, visit the Independent Insurance Agents & Brokers of America's website to find a broker familiar with your industry. MostChoice.com also offers good advice on the types of coverage available, policies and premiums. Or shop online. Start with InsuranceNoodle.com, a specialist in small-business policies. Also try LowQuotes.com, USInsuranceOnline.com or AllQuotesInsurance.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- Take a good look at all the interruptions your business might face in the event of a natural or man-made disaster.
- Decide whether or not your company can afford the loss of income and the expense of reestablishing your business without additional insurance.
- Make a checklist of your expenses and what equipment and services you'll need to keep your business running.
- Make sure the policy has a long enough time frame to get your business back on its feet.
the Business Interruption Insurance page at Business.com
Compare Business Interruption Insurance Quotes
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www.NetQuote.com/Business
Get Multiple Quotes in Minutes. Compare Top Carriers & Save on Business Insurance!
General Liability | BOP | Workers Comp. | E&O
www.NetQuote.com/Business
Business Interruption Insurance
Provides online comparison of rates & quotes for business interruption insurance options from several companies. Assisting businesses since 1997.
www.4freequotes.com
Provides online comparison of rates & quotes for business interruption insurance options from several companies. Assisting businesses since 1997.
www.4freequotes.com
Business Interruption Insurance Resources
Find Business Interruption Insurance. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Find Business Interruption Insurance. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Zurich Insurance Company
Free resources on commercial & business insurance. Visit today!
Real Estate | Dir. & Officers | Technology | Environmental
www.ZurichNA.com
Free resources on commercial & business insurance. Visit today!
Real Estate | Dir. & Officers | Technology | Environmental
www.ZurichNA.com
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