What is business interruption insurance and do you have it?
Businesses protect themselves from unexpected events by purchasing business interruption insurance. If your business has insured itself against a particular risk, you could be compensated for any disruption.
The most typical risks covered in an insurance policy are fire, flood and earthquake insurance.
Are you covered in a pandemic?
There are insurance policies that offer coverage if a business is forced to temporarily shut down due to local, provincial, or federal government regulations.
It’s all in the details.
Some policies cover business interruption from “virus” or “disease,” or where a government order has forced a business to close because of safety concerns. They are typically add-ons to a standard commercial insurance policy.
Check your policy for terminology such as:
- advisory warnings
These terms are all interpreted differently and will be carefully scrutinized to determine if your losses will be covered.