Protecting your business & livelihood against the unexpected
Our business expert Yvonne Jones shares what you need to know about preparing for emergencies.
October 2020 4 min read
Our business expert Yvonne Jones shares what you need to know about preparing for emergencies.
October 2020 4 min read
This article first appeared in the October, 2020 edition of the Business Examiner. Read the online edition here.
In the past few months the world has given us a lot of “teachable moments,” including the value of preparing for emergencies. It’s clear that it pays to plan for different situations and have the right preparations in place.
Lately, many of my clients have been inspired to evaluate their own business continuity plans. To help inform these conversations, I like to ask if they’ve considered three “what if” scenarios that could adversely affect their business—and their livelihood.
What if:
If you’re concerned your business wouldn’t stay afloat in these scenarios, there is a solution—business interruption coverage. Its most valuable benefit is that it works to make your business whole again so that you can get back to generating the income you were prior to the loss.
Business interruption coverage reimburses you for lost profits and continued fixed expenses during the time your business is closed (while the premises are being repaired following an insured loss.) Covered expenses may include mortgage payments, taxes, utilities, accounting and legal expenses, interest on loans, salaries and the cost of insurance. Business interruption coverage will even top up your income after you’ve re-opened and cover advertising costs to let your clientele know when and where you’ll be back.
Did you know that companies that plan for emergencies and have appropriate coverage in place are much more likely to have a successful return to business? If you have questions about business interruption insurance, start by talking over your situation with an insurance expert.
Call 1.888.741.1010 for more information
Other topics to explore:
Writing a solid investment proposal
Turn your business debt into an asset
Accelerate your business's recovery during these challenging times
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