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How Business Interruption Coverage Can Help in Times of Need
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Business Continuity planning is the process of identifying how to be prepared to respond when a disaster occurs. However, the best-identified plan could still result in an impact on the organization’s profitability and on the jobs of the employees that the business depends on.
Business interruption coverage is one of the most important coverages you can consider as part of an overall insurance program. It should be carefully reviewed to determine it meets your specific needs and business objectives. If properly identified and considered, it can mean the difference between a business re-opening its doors or having to close because it ran out of money.
Learning Objectives:
- Identify what business interruption coverage pays.
- What choices must you make before you the coverage would be needed.
- How is the coverage activated within your overall insurance program.
- What penalties are incurred if care is not taken to select the proper limits.
- What is an extra expense and how can you use it after a loss.
- Other considerations within the coverage can impact your payment after a loss.