Insurance for Business Interruption After Property Damage Occurs
One of the most devastating things that can happen to a business owner is to have their business suffer serious property damage. Property damage can take place because a theft or break-in occurred, because of vandalism, because of a fire, or because of another emergency weather situation. No matter the reason, having to close a business’ doors after property damage occurs can be detrimental to the success of a business, especially if the repairs cost more than an insurance company is willing to pay.
Luckily, business owners may qualify for business interruption coverage. Sometimes, this coverage is included in a normal insurance policy but other times it must be purchased separately. Business interruption coverage can help a business owner pay the bills while operations are suspended to handle repairs. Some of the things that business interruption coverage can cover may include:
- Rent or mortgage on the property
- Loan payments
- Supplier Agreements
- Employee overtime
- Moving expenses
- Storage expenses
- Rent for a new location
Typically, in order to be eligible for business interruption coverage, there needs to be significant physical damage to the property where business is conducted and the claimant must have suffered a loss by the business shutdown.
If you have questions about business interruption coverage, contact our firm today.
The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.