Did you hear about the Massive Power Surge?
Did you hear about the motel that was hit by a massive power surge, causing them to lose power and destroying their phone system? Guests quickly made alternative plans leaving the motel with no guests and no phones.
Or what about the banquet hall that was catering two weddings at capacity, but was cut short when a transformer supplying them with power burned out? The two weddings had to be cancelled, causing the banquet hall to lose income and most of the food, as it spoiled from not being in cold storage.
Insurance is designed to protect your business from suffering a financial loss and
get you back up and running. There are many different types of insurance policies, coverages and limits, so it is important to have these reviewed regularly with your insurance broker to ensure you are adequately covered. Some coverages to keep in mind include Business Interruption and Equipment Breakdown.
Business Interruption coverage covers profits lost while the business is closed for repairs, rebuilding or relocation caused by an insured peril. Like when the motel lost all of its guests. Most policies have a waiting period before coverage takes effect and a time limit as to when coverage ceases.
Equipment Breakdown coverage insures against the financial loss and property damage resulting from an accident to equipment. Like when the banquet hall's freezer stopped working and caused all the food to spoil.
If you are unsure if you have these essential coverages, contact your insurance broker today.
Emergency situations can occur at any time. Prepare yourself and your business by downloading our Free Emergency Kit Checklist.