Business income insurance, also known as, business interruption insurance, is a type of commercial business policy that covers the loss of income that your business may suffer after a covered peril that provides an income stream while you re-build.

What’s Covered & What Isn’t?

The perils that are usually covered under business interruption insurance are:

• fire
• theft
• wind

To give an example, if your business lost the roof during a windstorm or a fire burned your building to the ground, the insurance company would help pay for the loss of income. Note that you are only paid for the time during restoration. Restoration meaning that your business is closed and is being repaired or rebuilt. If you are partially open for business, then you most likely will not be rewarded any income from your insurance.

To be paid out on business income insurance, it’s based on how much you spend as a business and how much income you receive. Remember, any income that is not documented is not taken into account.

If you are suffering from the loss of income when your business reopens operations, business interruption insurance would not cover you there. Some, but not all policies include covering payroll expenses as well, but each policy is different. Call us today to get your policy going!

Make sure to keep your records and documents in a safe place so that you have the information you need in case of loss. Documents to keep handy in case of a claim:

• Sales Records
• Profits & Loss Statements
• Income Tax Returns
• Rent Rolls
• Payroll Records

Who Should Have Business Income Insurance?

Any small business owner should be prepared for any risk that could come their way. Here at Unity One Insurance, we can help you reduce your risk as much as possible, as we offer all lines of commercial insurance and are experts in it. Call now and speak to a broker to get the help you need, 949-450-1822 or email info@unity1.com