Business income coverage offerings
Every business is at risk of daily property damage: water damage, the loss of power or utility services, corrupted data, a crashed or vandalized website and more. Unfortunately, many small business owners fail to recognize that property damage could affect their operations and, ultimately, their income.
Business income coverage is an integral part of a business' insurance program, in the event their business is interrupted. 华体会 offers multiple options, with the ability to add or increase certain coverages to easily tailor a plan to a company's specific needs.
Base policy coverage
Coverage basis
- Actual loss sustained (ALS): No limit; included for most classes, with option to exclude
Duration
- 12 months business income and extra expense with 60 days extended business income included. Option to increase to 90 days via endorsement.
- Available options for 3, 6, 9, 18, or 24 months in addition to the 12 months included in the standard form. Contact your underwriter to discuss customers who need 18- or 24-month options
Tailored coverage options
- Business income and extra expense coverage for a data breach
- 24-hour waiting period when lost income is the result of off-premises interruption in utility services (i.e., power, water, or communication services)
- Business income for equipment breakdown coverage
- Civil authority
- 72-hour. 24-hour waiting period option available via endorsement
- Limit: 4 weeks
- Business income from interruptions of computer operations
- When operations are suspended due to corruption or destruction of electronic data resulting from a covered cause of loss such as electronic vandalism
- Limit: $20,000 or $25,000
- Business income from dependent properties
- When a third party who is relied upon for a significant portion of income (e.g., supplier, manufacturer, anchor store) is unable to purchase or deliver goods as usual due to a property loss that is covered at their location
- Waiting period: 72 hours
- Limit: $5,000 maximum per occurrence with $100,000 limit available via endorsement
- Business income from websites
- When a business website is not available due to a covered cause of loss, prohibiting the company from conducting business and generating income as usual. This coverage is available via endorsement
- Waiting period: 12 hours
- Limit: $10,000 or $50,000 options
- Extended business income
- When, after restoring operations, the business is unable to achieve the same income levels as prior to the loss
- Limit: 60 days in base form, available broadening endorsements up to 365 days.
Equipment Breakdown coverage overview
Actual Loss Sustained Business Income applies to equipment breakdown. In addition, we provide the following business income coverage extensions under equipment breakdown:
- Data restoration鈥�$50,000
- Fungus, wet rot, dry rot or bacteria鈥�$15,000
- Hazardous substances鈥�$50,000
- Personal property off-premises 鈥� $50,000
Learn about assessing business income