Do You Have, “Loss Of Business Income” Insurance?

[Joe Marconi]

Do You Have, “Loss Of Business Income” Insurance?

 

I recently read about a repair shop in Texas that burned down to the ground. A tech was removing a fuel tank and a spark occurred while using an electric impact. No one got hurt, but the fire was bad enough that it closed the shop for a while until it was reconstructed, and destroyed a few cars. The owner had liability insurance, but not Loss of Income Insurance. This type of insurance would have helped the owner and the employees during reconstruction.

 

If you do not have Loss of Income insurance, I would urge you to speak to your insurance agent. You never know when tragedy will occur and you need to protect youself and the people you employ.

[HarrytheCarGeek]

This is an interesting topic, I know someone that owns a dry cleaner and was running a loss for 18 months prior to being shut down due an environmental spill. Allegedly he did not receive any funds due to the fact that he was not making enough to be covered. However, he did received payments from the insurance company that was liable for the spill to cover his fixed costs.

 

I would like to know more about it though, as it may be worth to purchase the right type of coverage.