If your business location or equipment is damaged by a covered peril, your insurance policy can save your company and your livelihood, as well as those of your employees and partners. But if your business is interrupted, can you afford to close long enough to make repairs? Will you be able to pay your workers while they wait? These are just a few of the reasons 40% of businesses that close due to a disaster never reopen.
Fortunately, business interruption insurance can provide the financial resources you need to bridge the gaps, especially if you've fallen victim to one of these common perils:
- Fire: In addition to the damage caused by the flames themselves, smoke, heat, and other factors can make adequate repairs difficult and extremely time consuming. Manufacturers, in particular, are very vulnerable to machinery problems caused by excessive heat and damage caused by fire suppression methods.
- Hail: Hail can damage roofs, break windows, and allow water to penetrate the building. The exterior of your building could also require intensive cosmetic repairs.
- Windstorm: Sudden windstorms can severely damage the roof and siding of your building and almost always force businesses to close while repairs are underway. Loose panels and roof shingles pose a considerable risk to customers and may expose you to further liability claims.
- Vandalism: Although it might seem like vandalism repairs can be done fairly quickly, you may still lose business while replacing windows, signage, and even equipment.
- Equipment Failure: Many businesses rely on highly specialized equipment and can't continue operating without it. Depending on your industry and the nature of your machinery, you could be waiting weeks for parts or qualified repair personnel, downtime that could seriously threaten your livelihood.
Manufacturers throughout New York, New Jersey, and Pennsylvania rely on the commercial insurance guidance of Frank Schiliro, President, NorthEast Insurance Services to ensure their operations are fully protected. To talk about your specialized needs and whether you have the business interruption insurance you need, call Frank at (732) 972-1771 x1102 or visit his website today.