There’s a lot to think about when you’re running your own small business. Between managing employees, suppliers, customers and day-to-day operations, it’s easy for insurance to become an afterthought. But when the unexpected happens, it’s amazing how insurance quickly becomes your number one concern. That’s why proper planning is key.
The hard truth is, you can do everything correctly as a business owner and still face the difficulty of a business interruption due to misfortune or someone else’s negligence. When you’re forced to shut down, even a short time, it can have a devastating impact on your livelihood. Thankfully the Nicol Insurance team is here to help guide you towards the right choices to keep your business safe, no matter what happens.
What Is Business Interruption Insurance?
Business interruption insurance protects your income if you need to be shut down for any length of time. After a sudden event, you may be forced to close up shop until the damages are repaired. Business Interruption Insurance can cover you for the loss of income during the closure, as well as any lost employee wages and expenses. Ideally, you won’t be closed for too long, but in the event of a major loss, you could be facing weeks, or even months of downtime.
Not only do you have to wait for insurance to process your claim for the loss (which can be a lengthy process), you won’t be making any money until your operation starts up again. But there’s more at stake than just your daily income. If you can’t fulfill your obligations to clients, creditors and suppliers, your business’ reputation can be severely damaged as well, costing you a great deal of momentum.
What Can Your Broker Do To Help?
A sudden business closure is stressful for any entrepreneur, which is why your broker will work to take as much off your plate as possible. They will be an indispensable ally during your business interruption; coordinating with your insurance provider to make sure that your claim is processed smoothly and effectively, keeping you up-to-date on any developments that occur, overseeing emergency services and ensuring you are properly reimbursed for any covered costs. Large commercial claims require a great deal of attention, but with the Nicol Insurance team handling your affairs, you are freed up to focus on your immediate business needs.
Of course, the most important thing you can do to avoid a business interruption is speak with your broker early. Nicol Insurance is here to make sure your policy suits your lifestyle AND your business. Proper coverage is your best protection when you have to deal with an unfortunate event. Anytime you update your equipment or inventory, give your broker a call to make sure your policy reflects the change. Our brokers are well-versed in the perils facing small businesses, so we know exactly how to prepare. Let us sit down with your and evaluate your commercial policy to be sure you’re covered for every eventuality. Our team will do the worrying for you, so you can keep building your business with complete confidence.