Business Interruption Insurance -- Especially Important in Winter

November 2, 2017      

Your independent insurance agent friends here at TriState Business Insurance encourage our small business owning clients to sit down and review their business insurance plan in advance of the winter business season.  Seasonality does impact the insurance considerations for a significant percentage of small business owners.  If your business involves product delivery with specified date/time for product delivery, winter storms can and will threaten your ability to deliver. The consequences for non-delivery span from inconsequential to catastrophic.   In the case of the latter, your business plan and your business are well served via business interruption insurance riders.

Damien McGarrigle, from Lloyds Bank Business Insurance, says: “Small businesses without adequate insurance are taking huge risks.” Not only are they extremely vulnerable in the current financial climate, but being forced to close for any amount of time could have a devastating effect. Unforeseen events such as extreme winter weather can close businesses for days or even weeks while repairs are carried out and inventory is replaced. This could spell financial ruin for some companies.

Types of winter-related business insurance coverage:

• could prevent hefty repair bills for storm damage and water damage from frozen burst pipes.
• Inventory is a key asset – coverage is designed to help replace ruined or unsalable items.

For more information or to have your business insurance policy reviewed, contact TriState Business Insurance.

< Go Back to Blog