Business Income insurance, also known as business interruption insurance, helps cover lost income when business is halted due to a covered peril. The payout amounts you receive on your business income coverage are based on your business’s income and expense records. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days
Monetary payment you receive from insurance covering the actual loss of income to your business.
Income that comes as a result from regular business activity
Waiting period when you are repairing your business
This helps cover extra expenses while your business is temporarily closed for repairs and you have to move. This can also include extra expenses occurred due to inability to continue standard operation.
Service Interruption/CBI, or Contingent Business Interruption, refers to interruption in your operation or the shutting down of your business.
This is an endorsement that helps cover physical loss or damage, including damaged property you do not own.
This can refer to situations where evacuations are ordered that may result in shutting down your business.