LET’S SAY YOU OWN A RESTAURANT AND SUFFER A FIRE LOSS. YOU ARE FORCED TO CLOSE FOR TWO MONTHS TO MAKE REPAIRS AND THEN YOU FIND IT TAKES ANOTHER TWO MONTHS BEFORE YOUR BUSINESS RETURNS TO ITS NORMAL LEVEL. HOW CAN YOU PROTECT YOUR PROPERTY AND YOUR BUSINESS?

In this situation, your property policy pays to repair the building and replace your contents.

Your business losses (loss of income) are covered depending on the type of Business Interruption Insurance you’ve chosen.

If you have Gross Profits Insurance, your loss of income is paid while closed for repairs and while you rebuild your business to its original level, up to the limit of coverage.

On the other hand, Gross Earnings Insurance only covers the income lost during the time required to repair the premises.

If you own rental income property, you also have two choices for Business Interruption Insurance.

Gross Rentals Insurance acts on the same basis as Gross Profit Insurance. If your apartment building suffered a fire, your Gross Rentals Insurance will pay for the loss of income during the repair period and for lost income during the time it take to rent all of the damaged apartments up to the limit of coverage.

Whether your business is retail, restaurant, manufacturing or rental properties, we can offer the appropriate Business Interruption Insurance to protect you from loss of income. Call us to get started.

Insurance and Risk Management Advisor at Toronto-based Marhen Insurance Brokers, a firm that specializes in providing insurance coverage and risk management advice to business owners, professionals and active families/individuals who have more complex insurance needs.
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