Insurance Insights: by Jerry Fischer, CLCS, CLIC, AAI
Going With The Flow
Some small businesses may find that, when faced with a property loss, it is more difficult to replace the income stream than to replace lost property. Standard commercial property policies may provide protection against direct losses (actual physical damage to or destruction of property), but the perils that cause direct damage can also cause indirect losses, which result from the disrupting effects of property damage. Consequently, the monetary value of an indirect loss can exceed the amount of the underlying direct loss for many small businesses. To address this problem, business interruption insurance is designed to cover many of the costs associated with temporary loss of access to office space, customers, or the ability to satisfy customer needs.
Establishing and running a business requires the collective abilities of several creative and energetic people. If you own a business, could you continue to pay your employees and vendors if you were prevented from operating for several weeks or months? We offer a full range of commercial insurance, including business interruption insurance. Whether you employ a small staff or a large one, call us at 570-323-3600 to schedule a consultation. Our office is located at 1735 E. Third Street. Happy Thanksgiving Day!
Note: It is not uncommon for stores that sustain physical damage to take six months to a year to reach their former sales levels.
Article as seen as in the Williamsport's Sun Gazette.
Going With The Flow
