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Business Income insurance protects you from lost income if your business is destroyed or damaged and you cannot continue work. If you can’t continue operations, you lose money and many small businesses that suffer a property loss never fully regain their pre-loss income levels.

When you have Business Income insurance, you are paid the net income your business would have earned if your
company had not been shut down.

Key Options to Consider

Extra Expenses are any expenses beyond those that would have been incurred during normal operation of the business. Covered extra expenses are costs to limit the suspension of operations, funds to replace property, and overtime costs to expedite the return to business.

Civil Authority is when access to your office or workplace is denied by civil authority as the direct result of
destruction of someone else’s neighboring property. A maximum of two weeks.

Alterations/New Buildings provides coverage for loss of income resulting from a delay in starting operation. The delay must be the result of damage to new buildings, either completed or under construction.

Extended Business Income gives you the time needed for your former customers to return once your business has reopened by providing income until sales return to normal, up to thirty days.

Maximum Period of Indemnity restricts the period of restoration. Your loss payment is limited to the lesser of (1) the amount of loss sustained during the 120 days immediately following the loss or (2) the policy limit.

Monthly Limit of Indemnity allows you to recover a part of the actual policy limit during each thirty day period of interrupted operations.

Extended Period of Indemnity extends the "extended business income coverage" past 30 days up to extend the cover 60 days, or a maximum of 360 days.This would depend on how long it takes for your income to return to normal after a business interruption.

Agreed Value requires you to complete a business income report/worksheet showing actual numbers for the previous twelve months, and estimated income for the next twelve months. An agreed value is determined from the data submitted. If a loss occurs, your policy limit must be equal to the agreed value amount, if losses are to be paid in full.

Be sure to consult your Strategic Insurance Solutions, Inc. advisor to determine what options are right for you.

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