by Got Credit
Any business, small, medium or large is susceptible to damages from events like natural calamities, or man-made disasters. They may be forced to shut down their business due to lack of sufficient financial support. During these situations, they need to have a backing that covers for the loss of income. Business interruption insurance is one such solution to cover up for lost income.
In this article, we will discuss about the importance of business interruption insurance and why every business should be prepared for the unpredicted.
Business interruption insurance should be a crucial part of every business owner’s plan. Business interruption insurance acts as a supporting system for your business when it is closed down due to unexpected events such as natural disasters, accidents or any unforeseen risks.
Business interruption insurance provides sufficient coverage when your business is not in action and will help you pay the ongoing expenses. In this way, you will get some time in rebuilding your business. Small businesses who do not purchase this insurance would suffer closure soon because the expenditure for revival is beyond their financial capacity.
Can be an add-on to any policy:
This insurance is generally not sold as a separate policy; you need to buy it in addition to your existing liability insurance or any other insurance policy. It comes as a rider, or additional benefit with others like property insurance. This add-on policy to your excising policy will help you have liquid cash in hand, even when your business is not operating.
Coverage offered by the policy:
If your business is unable to function as a result of damages to the business premises and loss of revenue, this insurance would be helpful. Further, there can be interruptions because of a general economic downturn. In all the cases, as there is no transaction, there is loss to the business. However, you have to bear the essential cost. Under these situations, business interruption insurance will cover your business continuity operation expenses like the electricity bills, staff wages and rent, repairs of damaged equipment, etc.
Every business should consider business interruption insurance:
Whether, it is small or a large business, it is very much essential for every business to be covered under business interruption insurance for a secured and risk-free business. In business, losses are not predictable. During these difficult situations, this coverage will help you in rebuilding your business premises and also your self-confidence.
It is advised to buy this insurance through an insurance brokerage firm for better deals. But selecting an insurance brokerage or insurance adviser for your business may, however, be tedious, but you need to figure out the best brokerage firm that can offer you better deals. You can do this by researching on the Internet.
And before buying business interruption insurance policy, you need to discuss with the brokerage firm the things that are included and excluded in your policy. Choose a brokerage firm that will offer most of the things at a minimal cost compared to other brokerages and that promises to protect your business at times of adversity.
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Insuring Your Business through GMG Insurance
Recently a study came out saying that we have moved from a “knowledge world” into a “social world.” At GMG Insurance, we don’t think the two have to be mutually exclusive. Our personable advisors are also experts in their field. They know different industry niches well and spend the time to help clients find insurance coverage that is tailored to the specific needs your business faces.
We offer all the standard commercial property insurance along with general liability insurance and professional liability insurance by industrial sector. But we also take the step beyond, looking at your company’s exposures and finding endorsements to your policy that cover those exposures that are unique to your sector, your location, your future plans, your personnel and your operations.
Lots of Options
GMG Insurance partners with the best insurers in the nation and in the world, so we can meet the needs of local businesses as well as global product and service providers. We can cover your property and protect your assets from the cost of claims, and we have products that will keep you in business even after the worst disasters.
Our business interruption insurance is available with extra expense coverage, supply chain enhancements, and coverage for contingencies such as utility failures, loss of access, and more. Our equipment breakdown insurance is customizable to your types of equipment and can provide additional services for maintenance and regulatory certification.
We offer a full line of liability insurance for business auto, professional errors and omissions or malpractice, product liability, crime, cyber liability and pollution liability. Our directors and officers liability, fiduciary liability and employment practices liability are valuable for organizations of all sizes.
A GMG Insurance program can protect your property and products on your premises, in storage and in transit. Our inland marine insurance can be written to cover very expensive mobile equipment, high-value art, valuable papers, money and securities, and a wide range of other valuables, no matter where they are kept or taken, even abroad. For those that ship goods, our ocean cargo policies are broad with protection offered at every stage of the journey. And we have international products for your people, as well—from kidnap and ransom to international travel accident and health.
Other Products You Need
If you have employees, workers compensation insurance is on your list of necessary products. We work with the finest insurers that provide return-to-work programs, claims management, and other important services. We serve clients in 40 states and can find workers compensation policies that meet the requirements of all the states in which you operate. We can even help you with workers who travel for you business.
We have commercial flood insurance and excess flood insurance, earthquake insurance, surety bonds, and umbrella insurance to expand your liability protection. Beyond insurance, we offer employee benefits that help you attract and retain the best personnel.
Our experts will help you protect your assets and perpetuate your business.
Turn to GMG Insurance for personalized attention on managing your assets and securing products that accommodate your lifestyle, now and as it changes over time.
Contact us at (215) 497-9240; (800) 540-7900
Philadelphia Business Insurance I Common Misconceptions