Hopefully, as a commercial landlord or commercial tenant, you have business interruption insurance coverage. If you are not sure what this coverage is, you should be. It is important insurance coverage insuring the risk of…you guessed it…business interruption. Consider the loss you would sustain if there were a business interruption due to a covered loss (such as a natural disaster). You probably don’t want to consider this because the loss could be catastrophic to the business. Hence, business interruption insurance.
For more information on business interruption insurance, check out this article. Also, and importantly, consult with your insurance broker to understand how business interruption insurance coverage is sold, options available with such insurance (e.g., contingent business interruption coverage if your business is largely dependent on another’s operations), and, of course, the limitation of such insurance.
From my perspective, this is not insurance that should be overlooked because a true interruption to your business could have devastating consequences.
Please contact David Adelstein at firstname.lastname@example.org or (954) 361-4720 if you have questions or would like more information regarding this article. You can follow David Adelstein on Twitter @DavidAdelstein1.