Signs You May Not Have Enough Business Interruption Coverage
Natural disasters, vandalism, fire, and many other factors could impact your business unexpectedly. How long could you survive a full or partial shutdown? Days? Weeks? Months?
At Acrisure, we understand that losing access to your business hurts the bottom line, so — together with our Agency Partners — we provide a range of business interruption insurance options. By evaluating your specific risk factors and drawing upon the global Acrisure Agency Partner network, we can develop coverage to keep your business afloat if disaster strikes.
Business interruption insurance replaces the loss of income due to suspended operation as a result of prescribed events and factors. Unlike property insurance which covers physical damage and associated costs, this coverage is intended to recoup lost revenue.
Consider Your Risks
Business interruptions affect each business differently depending on the nature of the business, its location, current economic conditions, and several other factors. If your business could be affected by one or more of these tell-tale risks, we advise you to consider business interruption coverage.
-
- Volatile Location – The possibility of natural disasters, high rates of crime, aging municipal infrastructure, and political instability could all halt your business. Whether a result of nature or human interference, if the location of your business is unstable, so is your ability to stay open.
- Tight Interdependency – While being a part of an interconnected network of businesses or supply chains can increase your company’s productivity, the same dependency can create cascading problems when issues arise. If you rely on an outside source for parts, labor, or services you need to prepare for possible repercussions.
- Critical Equipment – When vital pieces of machinery are damaged, wait times for repair or replacement may freeze your productivity. Beyond insurance policies written to repair and replace such assets with physical insurance, business interruption coverage can be used to offset lost production earnings.
- Financial State – Bills don’t stop just because business is on hold. Depending on your business’ success and age, business interruption coverage can mean the difference between bouncing back and throwing in the towel.
Audit Your Policy
Depending on the length and severity of a shutdown, business interruptions can eat away at a company’s bottom line. Would your business be able to weather the storm?
Thoroughly reviewing your current policies and unique risk factors is the best way to determine if you have adequate business interruption insurance, but you don’t have to go it alone.
Combining data and historical factors, our team can audit your current policy. By assessing your risk level, valuations and coverage needs, we get to know your company inside and out to develop holistic solutions.
Here to Help
Consider Acrisure your partner in all things insurance. For concerns about business interruption insurance and more, we are eager to assist you. Contact us for a personalized risk assessment today.
Related Content
January 19, 2021
Acrisure Agency Partner Named One of Insurance Journal’s ‘2020 Agents of the Year’
Insurance Journal's report "features 25 agents who define what it means to be a successful independent agent today. These agents are more than top sellers.
January 13, 2021
5 Steps for Year-Round Benefits Engagement
Open enrollment is something you probably only think about a few times a year. For employees, it might be even less often. And that’s unfortunate because that means employees may not be maximizing their benefits. That’s why it’s important to touch on benefits throughout the year—to ensure employees are making the most of them.
January 4, 2021
New COVID-19 Relief Bill: Highlights for Employers
On December 27, 2020, President Trump signed into law the much-anticipated COVID-19 relief bill (the “Bill”), which was approved by Congress a week earlier. The Bill, a follow-up to the March 2020 CARES Act, provides a second round of stimulus dollars and economic relief measures; it also contains several provisions of particular importance to employers.
December 23, 2020
What We Know So Far: Understanding the $900B Stimulus Package
On Monday, Dec. 21, 2020, Congress passed an emergency stimulus package designed to deliver approximately $900 billion in COVID-19-related aid. The bill, which was part of a $1.4 trillion spending package that will keep the government open for the fiscal year, has been sent to President Donald Trump, and he is expected to sign it into law.
December 8, 2020
Acrisure Unveils New Tech-Enabled Brand
Acrisure, one of the world’s top-10 insurance brokers, today unveiled its new brand identity which underlines its unique combination of financial strength, industry expertise and global distribution power with the integration and deployment of best-in-class artificial intelligence and technology.
December 2, 2020
Benefits Update: December 2020
The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets.
November 19, 2020
Study Finds That Workers’ Compensation Mega Claims Are on the Rise
While any workers’ compensation claims can result in costly ramifications for your organization, one category of claim in particular—known as a “mega claim”—has the potential to carry significant consequences.
November 11, 2020
Coverage of COVID-19 Vaccines: Agencies Issue Interim Final Regulations
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law in March 2020, most group health plans are required to provide no-cost coverage for COVID-19 preventive services, including vaccinations.
November 3, 2020
Acrisure Perspective: 6+ Million Households & Property Owners Could Be Underestimating Their Flood Risk
According to the insurance professionals at Acrisure’s Agency Partners, we believe that this disparity points to a worrisome trend: more than 6 million households and property owners could be underestimating or unaware of the extent of their flood risks.
October 27, 2020
Success Tips: Performance Reviews With Remote Employees
Performance reviews are traditionally conducted in-person, on a recurring basis. But, amid the COVID-19 pandemic, most businesses have at least some employees working remotely.