Here's how business interruption
insurance works: Coverage is composed of two parts - business income and extra expense.
What we're seeing now is a growing and increasing awareness around the operational risks associated with technology and data--the business interruption
risks, the supply chain risks, the manufacturing exposures, all of the operations of a company that are dependent on technology working right.
Weigh the price, but realize that contingent business interruption
coverage is not a commodity where you are comparing apples to apples.
In addition to these exclusions and additions, brokers should warn their microbusiness clients about the time deductibles that are often included in business interruption
Such high levels of non-insurance, particularly in the area of business interruption
insurance, will result in many small businesses being forced out of business in the event of a significant loss," he said.
It's what could be described as a phantom business interruption
Not knowing there are additional types of business interruption
coverages to consider.
Upon further investigation you learn your camp operations must be suspended for at least seventy-two hours that is the standard waiting period, before business interruption
benefits are available.
The first step in creating a disaster recovery plan is to form a disaster recovery plan/crisis management team, which will be responsible for creating and maintaining the plan, and managing it in the event of any business interruption
THE THIRD STEP INVOLVES EVALUATING DAMAGES the company suffered to its building and interior contents, and business interruption
due to lost or delayed business.
Policyholders didn't sustain physical damage but suffered business interruption
because of actions by civil authority.
For business interruption
coverage, the 'deductible' might be an hourly waiting period, such as the first 12 hours of a network outage.