business interruption insurance

(redirected from Business Interruption Coverage)
Also found in: Dictionary, Thesaurus.

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 ?
Seek help from your insurance agent or broker to undertake a side-by-side comparison of different insurance products offered by different insurance companies offering contingent business interruption coverage.
The lack of business interruption coverage created problems for the local businesses that remain open year-round.
Piccinini suggested a conference call with myself, the rail risk manager, and the carrier for these coverages so we could have an open discussion with potential scenarios on both policies and see if (the agency) had resources to handle the situation if a loss occurred, or if the business interruption coverage was a cost-effective and necessary route to go," McWeeney said.
As for future cyber insurance policies, Sacia predicts a greater demand for business interruption coverage and a need for expense coverage with huge limits.
Red Bird further argued that the failure of electrical service resulted in a fire (a covered cause of loss) that, in turn, damaged the fan motors and triggered the business interruption coverage.
business interruption coverage (actual loss of rental revenue)
The company's insurance covers liability risk for terrorism but excludes it for property and business interruption coverage.
If there's ever a situation that causes insurance brokers to be sued, most of it comes from business interruption coverage," says Usher, who advises medium and large companies on insurance and risk management.
The white paper is based on the webinar "Emerging Opportunities in Business Interruption Coverage for Insurance Agents and Brokers," sponsored by Zurich North America.
Olson, a director at BDO Consulting, said that he hears a lot of complaints from clients about the terms and conditions for business interruption coverage in cases of data breaches or cyber attacks.
Insurance is all about managing risk, whether it's protecting property from fires, earthquakes or floods; vehicles from deer or close encounters with other cars; providing payment for injured workers; securing business interruption coverage for dozens of possible perils; or guarding against a major data breach.

Full browser ?