A restaurant owner surveys the damage to his business after a hurricane. (Photo: AP)
No matter where you live, you've probably seen the heartbreaking photos of the wildfires spreading through California with no end in sight. For those in the affected areas, staying safe is of paramount importance. For business owners, another significant consideration is preserving their income from the business and resuming normal operations as soon as possible. Many are reading their insurance policies carefully and calling their agents and brokers to understand what coverage they have — and what they might be able to add.
According to the latest reports, California Gov. Newsome has declared a statewide emergency with hundreds of thousands of people evacuated and millions more without power. No doubt, business owners are wondering how to calculate losses from the fires, the power outages and the mandatory evacuations ordered by state and local governments. They're also wondering whether they'll ever be able to reopen.
But businesses can be facing losses from an event that's not as widespread as a wildfire, for example:
- A large hotel had a plumbing leak in a restroom that sent thousands of gallons of water cascading into the ballroom on the second floor, then down into the restaurant, bar and lobby, disrupting normal operations for more than a week.
- A busy fast-food restaurant failed a food inspection and had to shut down until it corrected the errors and passed the next inspection.
- A kitchen designer's computer system was attacked by ransomware and held hostage for several days, putting all the design projects on hold.
- The federal government shut down for several days in January 2019, affecting many businesses that had government contracts, especially those doing business in the national parks.
However, complex policy language, multiple forms, and variances in coverage application can make it difficult to understand. In order to help insurance agents and brokers better advise their clients about business income coverage — before, during and after a loss — we've put our best expert resources together in one place at a special price for our readers. These resources include:
- CE Course Access: Commercial Property Policy Explained
- 1 month of access to FC&S Expert Coverage Interpretation
- Commercial Property Coverage Guide, 6th Edition
- Business Income Coverage Guide
For more information and to order your bundle, visit the NU Resource Center.
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