3 Questions To Ask Yourself Before You Buy Business Interruption Insurance
There are many different insurance options to choose from when it comes to protecting your Anaheim, CA, business. However, one you may not have considered is a policy that guards against a business closure in the event of damage from a fire, flood or other natural disasters. Whether you need to rebuild or have repairs made, business interruption insurance can help guard your financial interests; however, there are a few questions you may want to ask yourself before you sign off on a policy.
1. How Much Coverage Do I Need?
Since many insurance policies of this type are flexible, asking yourself how much coverage you need can help you choose a plan that is both affordable and flexible. Before choosing a policy, consider factors such as the value of your building, whether you store inventory there or at another location and what risk factors you face for flooding, fires and winter weather damage.
2. How Do I Choose the Right Policy?
A closed business could potentially lose thousands of dollars in revenue, so reviewing your company records with your insurance agent may help you pick the coverage you need. You might also consider the nature of your business when it comes to building a policy. For example, if you own a restaurant, you may want to purchase enough insurance to allow you to rebuild in case of a fire and to hire a mitigation and cleanup service to clear away debris and deodorize your building.
3. Are There Any Limitations To Coverage?
Being aware of any limitations to a business interruption insurance policy can help you cover gaps before you need to use your coverage. For example, a plan may only cover lost profit based on your company’s financial history but not lost employee wages. Your insurance provider can inform you about the limits of any policy the company offers.
Whether you need to rebuild or repair your Anaheim, CA, business after a disaster, business interruption coverage can help. Remember to prepare a complete list of questions for your provider before you sign off on a policy. For more information, visit http://www.SERVPROanaheimwest.com/.