business interruption insurance

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Business Interruption Insurance

An insurance policy that provides coverage in case some event causes a business to relocate or temporarily close. For example, if an office floods and becomes unusable, business interruption insurance will replace the profits the company would have made during the time it is closed and also will cover its operating expenses. It is also called business income coverage.

business interruption insurance

Insurance that provides benefits if business is interrupted while repairs are conducted after an insurable loss.
References in periodicals archive ?
If the business income coverage of the property policy replaces that loss of net revenue during the time that you did repair or should have repaired your damaged assets, how does it respond to the loss of revenue due to loss of customers because they sought service during the period of repair and never returned?
First, property or business income coverages generally require physical damage to scheduled premises.
The gross earnings forms that business income coverage replaced made that concept clear by using a complex definition of gross earnings that matched the accountant's concept of net income.
This coverage is, however, only available for three weeks or when your business income coverage ends, whichever is later.
The SPICE for Real Estate meets a variety of industry-specific needs, including business income coverage up to the following amounts:
Under this scenario, ISO's business income coverage will only cover you until Sept.
The Spectrum policy provides today's small businesses with essential protections, such as business income coverage to help keep a company going if a loss shuts down operations and equipment breakdown coverage to pay for damaged equipment.
When selecting this optional coverage, it will be necessary to adjust the amount of business income coverage to reflect this extended period of indemnity.

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