You may have a business plan that is sound. What would happen, though, if an emergency occurs in Waldron, AR that caused your company to close for days or even weeks? Do you have enough savings to cover the closure? If the answer to the last question was in the negative, then you may want to consider business interruption insurance.
What is business interruption insurance?
Put simply, business interruption insurance is an indemnity plan that serves as a sort of umbrella for your company. The policy kicks in when your business has to temporarily close due to an unforeseen event such as a fire or flood. You will not lose the income that your company would have garnered during the closure thanks to business interruption insurance that covers the loss of revenue.
How does business interruption insurance work?
Business interruption insurance works like a standard assurance policy. You are covered up to your policy limits, which are based on the monthly premium you are willing to pay for assurance in Waldron, AR. Whereas a higher premium pays out more, the lower end of the bar does not provide as much of a financial cushion.
The amount of coverage that you choose depends on several factors, which are not limited to:
The type of business you operate;
How much revenue the company brings in on a daily basis;
How much saving you have in the bank to cover emergencies;
The number of years you have been in business.
Call The Owens Agency LLC
The Owens Agency LLC has been in the business of insurance for many years and understands the importance of financial security. Our team of experts can explain the ins and outs of business interruption insurance so that you fully understand what you are buying before making your purchase. Contact our office today to get started with a quote!