Running a business in the Lynnwood, WA, area can be challenging under ideal conditions, but what happens when a company must close temporarily due to unforeseen circumstances? Companies barely making ends meet risk going out of business if they have to pay weeks of salary, rent, and other expenses with no income. Securum LLC provides local companies with insurance policies that can protect against business interruptions.
Why Business Interruption Insurance?
Many entrepreneurs believe their business operations policy (BOP) will protect them adequately. While many policies will cover some aspects of unexpected closure, they won’t cover employee wages, rent if you must use a temporary location, or income you may lose during this time. Insurance companies do not sell business interruption insurance as a separate policy, but you can use it as an add-on to other protections in your commercial business policy. This provision can make the difference between weathering a temporary storm and going under.
It’s Always a Good Idea
Carrying business interruption insurance is a good idea for just about any business. However, small companies are more vulnerable than larger ones that may have emergency funds for such circumstances. Within small business categories, some are more vulnerable than others, including anyone who relies on a specific physical location or specialized machinery for operation. You should consider adding this protection to your policy if you are one of the following industries:
- Retail stores
- Restaurants
- Pet groomers
- Salons and spas
- Fitness studios
Entrepreneurs can select from several types of business insurance policy add-ons to help protect their companies. The type you need for your company depends on your specific industry, the number of employees, and other factors. Securum LLC, serving business in Lynnwood, WA, will gladly consult with you on the type and level of coverage needed.
