Business Interruption Insurance and Sandy
Business Interruption Insurance and Sandy
For many businesses, Hurricane Sandy was an unpleasant reminder of how quickly One Minute From Normal can arrive. Employees were unable to show up for work, inventory shipments were delayed, supply chains were broken and work had to be rescheduled. Some companies experienced a complete cessation of business activity.
These business interruptions have been a formidable challenge to companies already under duress from the fragile economic recovery. With Working Capital and Retained Resources either nonexistent or at historically low levels, some companies will not be able to survive the revenue interruption even as normal and extraordinary costs mount.
Business Interruption Insurance covers revenue that has been lost in the wake of a disaster like Hurricane Sandy, while also covering the unique and necessary costs a business assumes to get back in business. It can be added to a business property insurance policy, which, of course, covers physical damage to the business. With business interruption coverage properly written, the carrier will support a business financially as if the event had not occurred.
To learn more about how Business Interruption Insurance can help protect your business One Minute From Normal, please contact a KMRD Partners Customer Service Representative. Meanwhile, just a few of the coverage highlights follow:
Lost profits, based on financial history
Fixed costs still being incurred by the property
Costs from a temporary location
Extraordinary expenses to get the business back to normal
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your insurance contact us at contactus@kmrdpartners.com before one minute from normal strikes your company.
