What would you do if your Oxford, MS business suffered a loss that forced you to shut your doors and resulted in income loss? How will you pay your continuing expenses? Business income coverage from Tackett Insurance, Inc. will protect your company against any loss of income resulting in a shutdown to your business operations. Also called business interruption insurance, this coverage may be issued in combination with expanded coverage or in a separate policy. Business interruption insurance is crucial if you want to keep your doors open in the event of a loss.
What Is Considered Business Income?
Business income is generally regarded as:
Your net income – This is the income (including profit or loss) your company typically would have brought in before your income taxes are subtracted.
Your continuing expenses – These are your normal operating expenses you’ll continue to pay after a loss, such as a payroll, electricity, property taxes, and rent.
What Are My Business Income Coverage Options?
When purchasing business income coverage for your Tupelo or Oxford, MS business, you have one of three options:
- Business Income Including Rental Value
- Rental Value Only
- Business Income Without Rental Value
Requirements for Business Income Coverage
A business income loss for your business will only be covered if all of the following conditions are satisfied:
You suffer income loss
You suffer a physical loss of a covered peril
- You are within your scheduled limit
Suspension During Period of Restoration
A suspension occurs if due to a covered peril, your business operations and income slow down or cease completely. If you are a landlord and your insurance coverage includes rental value, then a suspension will occur if all or some of the covered premises become uninhabitable due to damage by a covered peril.
For more information about how to cover your business from income or rental income loss, call the experts at Tackett Insurance, Inc. today.