Do you have the right Business Income/Interruption insurance?
What would you do if you experienced a cyber attack or data breach and couldn’t conduct business for an extended period of time? Would you be able to survive if a claim or data breach occurred and you were out of business for several weeks or months? Would you be able to replace lost income?
The answer for most business owners is unfortunately, no.
Business Income insurance can be as vital to your survival as a business owner as fire, flood, or any other type of business insurance. Most people would never consider opening a business without buying insurance to cover damage due to these types of risks.
Unfortunately, too many business owners fail to think about how they would manage if a fire or other disaster damaged their business premises to the point where they were temporarily unable to conduct business.
Business interruption insurance covers you for lost income if your company has to vacate the premises due to claim that is covered under your property insurance policy, such as a fire. Or, maybe you suffered a cyber attack or data breach.
It also covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
How much is Business Interruption insurance?
The price of business income coverage is related to the risk, and there are many factors that go into the pricing.
At Cyber Protect, we will evaluate your exposure(s) and secure a policy that can accommodate your business in the event of a claim.
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