If you have ever worried what you would do if a fire or other natural event damaged your business in Rockville, MD, you are not alone. Your agent at Wellspring Insurance Network Inc. can answer your questions on how to include such catastrophes in your insurance coverage.
What is Business Interruption Insurance?
Business interruption insurance covers the cost of running your business when you can’t operate due to fire or other incidents defined in the policy. Some of the expenses that can be insured are utility bills and payroll expense. A number of factors impact the length of the coverage and how much you pay for your premium. Usually, your financial records are used to determine how much you receive.
In essence, business interruption coverage is an extension of your property insurance policy. However, it can also be purchased separately or as part of a bundle. One thing to keep in mind is that there may be a waiting period between a covered loss and the beginning of coverage. Your Wellspring Insurance Network Inc. representative can answer all your questions on coverage options in Rockville MD.
Tips and Considerations
Prior to obtaining business interruption insurance, know the property value of your business. Assess valuable equipment and merchandise so that you know how much protection you need. It’s a good idea to keep receipts for furniture, equipment, and valuable items in a separate location, such as a safety deposit box. You can also make digital copies and store them on a secure website you can access anywhere.
Call Wellspring Insurance Network Inc. today to set up an appointment and get a quote for business interruption insurance for your Rockville, MD enterprise.