It is important to understand the coverage provided in your Business Income policy before suffering a loss. When an organization suffers direct physical loss or damage to their premises (as described in their policy) that are the result of a covered cause of loss, there is coverage for Business Income and Extra Expense that results from the loss.

The Business Income and Extra Expense limit is determined by the insured when the policy is quoted. Coverage is provided until the repairs to the insureds premises are completed or until the business income limit is exhausted.

Business income losses often require more time to settle compared to other property losses; mostly due to the confusion surrounding coverage availability.

Resources:
Download ISA’s Business Income Coverage Flyer and Business Income Checklist