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.
Mission Viejo ( /m???n vi?e?ho?/) is a city located in southern Orange County, California in the Saddleback Valley. Mission Viejo is considered one of the largest master-planned communities ever built under a single project in the United States, and is rivaled only by Highlands Ranch, Colorado in its size. The city has a 2011 estimated population of 93,483,
Mission Viejo is suburban in nature and culture. The city is mainly residential, although there are a number of offices and businesses within its city limits. The city is known for its picturesque tree-lined neighborhoods, receiving recognition from the National Arbor Day Foundation. The city's name is a reference to Rancho Mission Viejo, a large Spanish land grant from which the community was founded.
Mission Viejo was named the safest city in the United States in a 2007 Morgan Quitno crime statistic survey (compiled from FBI data). In 2009, it was named the safest city in California and third safest in the nation, according to CQ Press.