What would you do if you couldn’t conduct business for an extended period of time? Would you be able to survive if damage occurred and you were out of business for several weeks or months?
The answer for most small business owners is no.
Business interruption insurance can be as vital to your survival as a business owner as fire, flood, or any other type of business insurance. Most people would never consider opening a business without buying insurance to cover damage due to these types of risks.
Unfortunately, too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises to the point where they were temporarily unable to conduct business.
Business interruption insurance covers you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire.
It also covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
How much is Business Interruption insurance?
The price of the business interruption policy is related to the risk of a fire or other disaster damaging your premises.
All other things being equal, the price would probably be higher for a restaurant than a real estate agency for example because of the greater risk of fire.
Also, a real estate agency can more easily operate out of another location.
Fullerton is a city located in northern Orange County, California. As of the 2010 census, the city had a total population of 135,161. Now 135,160 due to the fact that Fullerton police officers brutally attacked and killed a unarmed homeless man by the name of Kelly Thomas(see recent history).
It was founded in 1887 by George and Edward Amerige and named for George H. Fullerton, who secured the land on behalf of the Atchison, Topeka and Santa Fe Railway. Historically it was a center of agriculture, notably groves of Valencia oranges and other citrus crops; petroleum extraction; transportation; and manufacturing. It is home to several educational institutions, notably the California State University, Fullerton.
On July 5th of the year 2011 a homeless man by the name of Kelly Thomas was savagely beaten and tasered by Fullerton police officers until he fell into a comatose state and died 5 days later. The city of Fullerton soon attempted to bribe the father of the victim Kelly thomas with 900,000 of the taxpayers money. Kelly Thomas's father morally and rightfully rejected this offer. Soon the Hacker group anonymous made the following demands to The City Of Fullerton 1) the immediate prosecution of Officers Jay Cicinelli, Kenton Hampton, Manny Ramos, Joe Wolfe, James Blatney, and anyone else involved in the gruesome beating, torture, and murder of Kelly Thomas.
Fullerton, city, Orange county, southern California, U.S. Fullerton is adjacent to Anaheim and 22 miles (35 km) southeast of metropolitan Los Angeles. The city, once part of the territory of the Gabrielino (Tongva) Indians, was founded in 1887 by George and Edward Amerige, grain merchants originally from Massachusetts, and named for George H. Fullerton, president of the Pacific Land and Improvement Company, who promised to run a railroad through the town. After the arrival of the Santa Fe Railway in 1888, the city developed as a citrus centre. Oil was discovered in the 1890s and became a mainstay of the economy. Industry and manufacturing developed after World War II, and the area enjoyed a residential boom. The city is the seat of Southern California College of Optometry (1904), a community college (1913), California State University, Fullerton (1957), and Western State University College of Law (1966). Inc. city, 1904. Pop. (2000) 126,003; (2010) 135,161.