Businessowners Package Policy
Your business is your livelihood. At TACIS, we are committed to helping you protect it with the right Businessowners Package Policy. A policy can be designed for the business owner operating as a retail store, service operation, wholesale operation, management office or other type of commercial operation. Policies can be tailored to offer flexible, customized coverage to fit the special needs of your business.
Questions to consider Regarding the Business Owners Package:
- Does your business depend on uninterrupted access to equipment, inventory, stock , records and other business property?
- Does your business utilize vehicles for business purposes or operate commercial vehicles?
- Would your company's future be at risk if an extended interruption in business occurred due to a fire, flood, theft or other kind of loss?
A business owners package can also include other specialized forms of insurance
Business Interruption Insurance (Loss of Business Income)
Business interruption covers a business for loss of income as a result of a covered loss. It is also known as business income, loss of profits, time element , use and occupancy coverage.
What does business interruption insurance coverage cover?
Business interruption kicks in when your business cannot operate as a result of a covered loss. The property is untenable as a result of the loss and therefore operations must shut down. BI covers the continued business operation expenses, profits/losses that would have been earned had there been no loss. Coverage begins from the time of the loss and continues until the time that the business is back up and running at its pre loss state.
What if I can operate my business at a temporary location rather than suspend operations?
If your location is damaged as a result of a covered loss and you can operate at a temporary location, you need to buy extra expense coverage. Extra Expense coverage will cover your costs above and beyond your normal operating expenses for you to continue operating your business at a temporary location. Among other things it also covers the cost of relocation. Extra expense coverage is a compliment to business interruption. For your protection it is wise to purchase both coverages.
What if my business is interrupted due to a loss at my supplier? My premises are ok, what happens then?
When your supplier is shut down, that is a situation out of your control. To protect your business you need to buy a coverage called Contingent Business Interruption. It will provide coverage when you have to suspend your business operations as a result of a covered loss to your independent supplier.