Business Income Insurance

Protecting your income is as important as protecting your business

If you’re like many small business owners, you may think “liability and property damage” when you think about insurance. But do you realize the consequences of say, a major fire, beyond rebuilding and restocking your business? For example, if your business was shut down for months while you rebuilt, where would your customers go? Would they come back when you’re ready for them? Does your insurance cover temporary relocation elsewhere so you can keep your customers?

Benefit Resourcing has thought about these and many other expenses that can occur as a consequence of an insured loss. They even offer coverage that helps make up a business loss if the property of others your business depends upon (like a major supplier or customer) suffers a covered loss that temporarily keeps them from conducting business with you.

The Spectrum Policy
Spectrum, Benefit Resourcing’s core business package, includes Business Income coverage that can reimburse you for your actual loss of business income for up to 12 months resulting from a covered loss to your property. Extra expenses needed to continue your operations, such as renting temporary shop space, are also covered.

Beyond Spectrum
Because Spectrum Business Income coverage applies only when the covered loss occurs within 1,000 feet of your property, you will also want to consider Business Income for Off-Premises Utility Services coverage. You would then be protected even if a utility line several blocks away from your property suffers covered damage and your power is out for a week.

• Business Income Extension for Off-Premises Utility Services protects against loss of business income or extra expense at your business caused by interruption of communication, water or power supply services to your location as a result of a covered loss to the supplier’s property.
• Dependent Properties protection is designed to cover losses related to the flow of business from your major suppliers through delivery to your customers.
– Major Suppliers. Protects you against loss of business income that occurs because a major supplier cannot provide you with the materials you need to make your product following a covered loss to the supplier’s property.
– Major Customers. Protects against loss of business income that occurs because an important customer can no longer receive or accept your products following a covered loss to the customer’s property.
– Anchor Stores. Protects against loss of business income that occurs because an anchor store your business depends on suffers a covered loss which consequently affects your business income.

• Business Income. These and other Business Income coverages may be bundled together in Benefit Resourcing’s Super Stretch® endorsement along with many other important coverages.
CyberFlex®

In this fast-paced world of business Internet use, webrelated business interruption exposures are a risk. Would your insurance cover your loss of business income if someone overloaded your network system to deny access to your legitimate customers? Benefit Rosourcing has created a special endorsement answering just that kind of issue and more. CyberFlex Business Income is designed for small businesses that receive less than 50 percent of their revenues from Internet activities.

CyberFlex Business Income contains these Business Income and Extra Expense coverages:

• Web Site and Internet Service Interruption. Covers business income loss and extra expense due to an interruption of your Internet business operations caused by a covered loss to property of an off-premises Web site host or Internet service.

• Web Site Vandalism. Protects your business in the event of malicious alteration of your Web site by an unauthorized third party.

• Denial of Service Attack. Covers loss of business income due to an electronic attack designed to overload your computer or network system, denying e-mail or Web site access by legitimate business traffic.

• Good Faith Advertising. Covers advertising expenses incurred to restore customer faith after a covered CyberFlex Business Income loss.

Benefit Resourcing understands that despite the unexpected, you want to keep your business in front of your customers, operating as efficiently as you possibly can, while necessary repairs are made. With Super Stretch® and CyberFlex Business Income they have kept the ongoing health of your business in mind.

Visit www.benefitresourcing.net or more tips on how to protect your business. This is just one more example of the value you receive from purchasing insurance through Benefit Resourcing. For more information, call Michael George C.I.C. of Benefit Resourcing at 1-317-328-4518.

Reprinted from Floor Care Professional, February 2008