So many threats could force your business to suspend certain operations, or completely shut down for a period of time. Without the proper coverage, you could end up losing a ton of precious revenue, or even your hardworking crew. That’s why it’s so important to be equipped with the right business interruption insurance.

Fortunately, a Florida independent insurance agent can help you find the right kind of business interruption insurance for your company. They’ll get you equipped with more than enough coverage, long before you ever need to file a claim. But before we jump too far ahead, here’s a closer look at business interruption insurance.

What Is Business Interruption Insurance?

One important aspect of Florida business insurance is business interruption coverage. Business interruption coverage kicks in during temporary closures and suspended operations caused by covered perils. Coverage reimburses for lost income as well as employee wages during the shutdown. Business interruption coverage is extremely important for all kinds of businesses in order to stay afloat, and a Florida independent insurance agent can help you get it.

Business Interruption Insurance vs. Business Income and Extra Expense Coverage

Before shopping for coverage for your business, it’s helpful to have a solid idea of what you’re looking for. But the names of coverage can vary slightly by insurance company, and these terms can get confusing. Business interruption insurance goes by a couple of different titles, including business income insurance and extra expense coverage. These titles may be used interchangeably, but your Florida independent insurance agent can help you find what you need.

Business Closure Stats

Businesses can benefit from business interruption coverage for numerous reasons. But it’s also handy to know some of the top causes of business closures across the US when shopping for coverage, to see how it may work for you.

Some of the most common claims filed by all businesses are for incidences of water damage and freezing, fire, and wind and hail damage. Disasters like these could force a business to temporarily suspend operations during recovery, creating a need for business interruption coverage. A Florida independent insurance agent can help your business get equipped with enough business interruption insurance to guard against these perils and much more.

What Does Business Interruption Insurance Cover in Florida?

Business interruption coverage in Florida operates the same way as it does across the rest of the country. Temporary closures can happen unexpectedly, so they need to be planned for in advance. Business interruption insurance often includes:

• Coverage for temporary relocation costs: Business interruption coverage often reimburses for extra expenses necessary to operate your business out of a temporary location during a shutdown due to a covered peril, like fire.
• Lost revenue coverage: Business interruption also reimburses businesses for revenue lost during suspended operations.
• Coverage for employee wages: Business interruption allows your company to keep employees actively on the payroll during temporary closures, so you don’t have to lose your team and hire new workers after a covered disaster.

A Florida independent insurance agent can further explain the core coverages provided by business interruption insurance, and help find a policy that works for you.

Business Interruption Insurance Exclusions

Like all other forms of coverage, business interruption insurance also comes with its own set of exclusions. According to insurance expert Paul Martin, standard business interruption policies often exclude damage and closures due to the following perils:

Your Florida independent insurance agent can help address any concerns you may have about gaps in your business interruption coverage.

How Much Does Business Interruption Insurance Cost in Florida?

Since business interruption insurance is just one aspect of a complete business insurance package, the cost of this coverage will account for only a portion of your total premium. While many factors influence the cost of your coverage, a general range is $40 to $130 monthly and $500 to $1,500 annually.

Factors that influence the cost of your business interruption coverage:

• Your business’s annual revenue
• The number of employees you have
• Your business’s exact location
• The age of your business’s property
• Your business’s size
• The risk level of your business

A Florida independent insurance agent can help you find exact quotes and figures for your area. They can also help you shop around for the most affordable policy, and see if you qualify for any discounts on coverage.

Here’s How a Florida Independent Insurance Agent Can Help

When it comes to protecting business owners against lost revenue and wages during temporary closures and all other disasters, no one’s better equipped to help than an independent insurance agent. Florida independent insurance agents search through multiple carriers to find providers who specialize in business interruption insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.