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Fire & Water - Cleanup & Restoration

3 Benefits of Business Interruption Insurance

8/6/2020 (Permalink)

3 Benefits of Business Interruption Insurance

When a business in Longmont, CO, sustains fire damage, bills associated with owning a business aren't suddenly put on hold. For many business owners, paying expenses after a fire can be extremely challenging. However, business interruption insurance can be useful to business owners in this situation for various reasons.

1. Keep Paying Rent or Paying Off Loans

When a business opens, a business owner generally will either rent out a building for the business or will purchase the building. Whether you took out a loan to pay for your business or you pay rent for your building, payments are often made continuously. However, after a business fire, it can be difficult to continue to pay off loans or to pay for rent if your business isn't making money during restoration. Interruption insurance can help provide you with the money you need to keep paying off loans or to continue paying rent.

2. Cover the Lost Revenue

One of the primary purposes of business interruption insurance is to cover the cost of any revenue lost revenue after a fire. While it may be helpful to employ a fire cleaning and restoration company to restore your business, it's often necessary to temporarily close your business's doors during cleanup and restoration, which can lead to a loss of revenue. When you are paid for the loss of revenue, however, you can feel secure in your ability to continue to pay important bills.

3. Continue To Pay Employees
After a business fire, the temporary loss of income often makes continuing to pay one's employees a challenge for business owners. As a result, skilled employees may quit in order to find a different job, which can be disruptive and detrimental to your business as a whole. Fortunately, interruption insurance can help to cover the costs of employees' pay, which can offer you and your employees peace of mind if a fire occurs.

Without business interruption insurance, a fire in your business can be financially devastating. Having interruption insurance can make it easier for you to pay rent or pay loans, to cover lost revenue and to pay employees until your business is fully restored.

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