Business Interruption Insurance 

Business interruption insurance, also known as business income insurance, is a type of insurance that helps businesses recover from financial losses that result from a covered event, such as a natural disaster that results in physical damage to the business. When a business is unable to operate due to a covered event, business interruption insurance can help cover the lost income and expenses that the business would have incurred during the disruption.

Typically, this is not a standalone policy, but rather is an add-on to a commercial property policy or part of a package policy such as a Business Owner’s Policy (BOP) or Commercial Package Policy. (CPP)

Benefits of Business Interruption Insurance

There are several benefits of business interruption insurance for businesses:

  • Financial protection: Business interruption insurance helps businesses recover from financial losses caused by a covered event. This can help businesses avoid bankruptcy and keep their doors open.
  • Coverage for lost income: Business interruption insurance covers the lost income that a business would have earned if it had been able to operate normally during the disruption.
  • Coverage for continuing expenses: Business interruption insurance can also help cover the ongoing expenses that a business incurs, such as rent, utilities, and employee wages, even if the business is unable to generate any income.
  • Coverage for extra expenses: In some cases, business interruption insurance can also help cover the extra expenses that a business incurs as a result of the disruption, such as the cost of temporarily relocating to a new location.
  • Civil Authority – A covered business interruption event causes the government to mandate a business be closed which results in financial loss. For example, if the street is closed due to damage caused by a tornado.

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Exclusions of Business Interruption Insurance

Business interruption insurance policies typically exclude certain types of events and losses. Some common exclusions include:

  • Events that are not covered by the policy: Business interruption insurance policies typically list the types of events that are covered. If an event is not listed, it is not covered by the policy.
  • Losses that are not directly caused by the covered event: Business interruption insurance typically covers losses that are directly caused by the covered event. If the losses are caused by something else, they may not be covered by the policy.
  • Losses that are not documented: To receive benefits from business interruption insurance, businesses must be able to provide documentation of their losses. This may include financial records, receipts, and other evidence.

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Craig Concklin

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The Concklin Difference

Family Owned Small Business

We understand small business because we are one. Concklin Insurance Agency was started by Craig Concklin and his father, Tom Concklin in 1981.  We continue to be a family owned, small business to this day.

Independent Insurance Agents

Concklin Insurance Agency has relationships with over 30 insurance carriers.  This means we have options to make sure you have the coverage you need, at the best value - uninterrupted.

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