Roberts Insurance Group Blog
When contractors have a loss to their equipment, it can put their entire business in jeopardy. For example, when a warehouse fire destroys all of the business' equipment, it will take some time to file a claim and acquire new equipment. Even if the claim is processed quickly, what if the equipment is back ordered? It's safe to say the current jobs/contracts are going to be at risk, along with upcoming jobs and projects. This is why it is crucial for Georgia contractors to have Business Interruption Insurance.
Choosing a BII coverage limit can be challenging with many loss variables involved. It’s important to get enough coverage to bridge potential income interruptions.
Here are 10 key questions contractors should ask when considering what BII limit they need:
Taking the time to run through these scenarios and calculate the potential loss exposure can pay huge dividends down the road. In fact, it can make the difference between protecting your profits and filing for bankruptcy.
How would your business fare if you were unable to operate for a week? A month? A few months? You get the picture.
Since business interruption insurance is among the least understood coverage types, many contractors simply don’t have enough coverage – and that’s one of the biggest causes of business failure following a fire or other disaster.
If you or a crucial supplier suffered a fire or other disaster, would your income be in jeopardy? For more information about protecting your profits with business interruption insurance, talk to the construction insurance specialists at the Roberts Insurance Group today.
The Roberts Insurance Group is a Georgia Insurance Broker specializing in commercial and personal insurance for our clients throughout the state of Georgia. We help our clients lower their cost of insurance with our superior claim and risk management expertise and our extensive carrier access. We are in the business of building relationships with our clients to help them grow and succeed. Contact us today to see what we can do for your business.
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