What is Business Interruption Insurance? | Insureon.com

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Complete Video Transcript

0:02I
0:03at five min sure and today we’re going to talk about business interruption
0:05insurance
0:06which is becoming critical element have the protection of our clients here
0:10on because of all the events so what be I dies is a protects you
0:15from the lost profits and getting your business operational case other big
0:19event
0:20so think about all the storms on the East Coast think about
0:23snow and tornadoes in the Midwest and think about all the technology things
0:28around us that can actually
0:29cause your business to shut down business interruption insurance
0:33in that event becomes critically important selects a
0:36your retailer on the east coast and you’re running
0:40your store you’re running your restaurant and a big storm hits in your
0:44offline for a week
0:46you can operate your restaurant so what’s happening is
0:49you’re losing profits every single day we’ve got him play your employees
0:53every single day the PI cover will protect you from all those lost wages
0:57cover your employees protect your profits and pay that stream
1:01the second thing that it does it it helps you immediately get your business
1:04up and running
1:05so it’ll cover the costs are generators
1:08cleaning your store and then getting the new equipment back in your store to make
1:13sure the year
1:14restaurant its operational so if you need a new oven new fridge greater
1:18business interruption will protect both the giving you operational as well as
1:22providing protection to get you back when running and then third element
1:25which is just terrific
1:26is that it also covers damaging in your supply chain
1:31so in love people don’t think about this but but see again you’re running at
1:34restaurant
1:35and your operational you’re fine nothing happened to you
1:38but where you get all your supplies all your vegetables all your condiments
1:42is from a warehouse five miles away the got blasted by the storm
1:47and is completely offline while you’re on a business you can’t
1:51you don’t have fresh produce you don’t have fresh meat you don’t have condiment
1:54you can’t make any food is so anybody for europe it affectively
1:58not open business interruption or cover that for that
2:01damage caused by your supply chain not being operational
2:04so you can do what you do and and what you love in running your father’s of
2:09so business interruption has been critically important in the US economy
2:13right now given all the events that occurring
2:15it’s going to continue to be more and more important the good news is that it
2:18often is
2:19covered inside out your typical insurance products are just make sure
2:23you’re talking your advisor about
2:24do you have business interruption insurance how much of it do you have
2:28and what are the terms of it from a lost profit a property damage perspective
2:32but the good news is often covered if not think through whether you need to
2:35get some type a separate coverage for it because it’s really important now
2:39given all the events are going on the US economy and as always please feel free
2:42to go to ensuring dot com you can read more about this we write a lot articles
2:45about it
2:46or call us at one eight hundred 655 1714

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