Replace lost income if your business is forced to closed due to a loss.
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Business income insurance is sometimes called business interruption insurance. It protects you when your business is forced to shut down because of a loss by helping to replace lost income. Coverage offered by your policy will vary, but these are some common protections.
Business income insurance will help to replace profits that your business would have earned if it was able to operate. Property insurance replaces property. Income replacement coverage replaces income you create from the use of property.
Payroll and wage expenses often continue while your business is shut down. Business income insurance will help you meet your payroll commitments.
Even when your business is closed, you are often responsible for paying its mortgage and rent. Business income insurance will pay for them while you work to return to normal operations.
Loan payments are still due while your business is shut down. Business income will continue to make payments for you so that you don't default on a debt and retain a positive credit history.
Exclusions can vary by policy. Generally speaking, these are some common exclusions.
Extreme weather events like hurricanes, tornados, floods, and earthquakes are excluded from business income coverage. However, these risks can be covered by different policies.
Diseases and viruses, like the Coronavirus (COVID-19) are excluded from business income coverage, as are all pandemics.
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