Ontario Business Interruption Insurance
In the event that you suffer a loss to the property where your business is operating and you are unable to continue with normal operation, business interruption insurance will cover the loss of income, earnings or profit lost during the period of restoration to repair or restore the property.
A Business interruption insurance policy can be vital to your survival as a business after an insured loss. If your business premises becomes, temporarily unusable business interruption insurance can provide financial peace of mind to you and your business. Speak with a licensed business insurance brokers to learn more about business interruption insurance and other available coverages.
What is Business Interruption Insurance?
Business Interruption Insurance provides coverage for loss of income, earnings and or profits while your business is closed due to an insured loss. Your business may be unable to open for a wide range of losses IE. Losses incurred by Natural Disasters, Fire claims, Water damage claims, Equipment Breakdown losses, Theft claims or a Cyber Breach loss.
Business Interruption coverage can also help to cover utilities, fixed expenses or extra expenses such as possibly having to temporarily relocate while your building is being repaired.
Who Needs Business Interruption Insurance?
Both large and small businesses can benefit from having Business Interruption Coverage.
For some losses you may not be able to reopen for weeks or even months. We highly recommend in investing in this coverage to ensure your financial obligations, income and earnings are covered while you are unable to open your business due to an insured loss.
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