Business Interruption Insurance in New Hampshire

Also providing business interruption  insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

Insurance24

What is business interruption insurance?

Disasters can have lasting financial costs that extend beyond when something actually occurs. Property insurance may cover damaged or lost assets, but New Hampshire businesses might need business interruption insurance to help survive any prolonged revenue losses.

Business interruption insurance offers specialized coverage for revenue losses that follow covered incidents. If a disaster forces operations to halt, this insurance might help businesses continue on. 

What New Hampshire businesses does business income insurance make sense for?

New Hampshire businesses may want business income insurance if they’d need some time to recover from a disaster. It could tide a business over until revenue returns, helping manage costs in the meantime.

While any business might want the reassurance that business income insurance provides, it can be especially important in certain industries. Here are a few examples where businesses might want the insurance’s help:

• A hotel that’s destroyed may need help covering costs for several months, until the building is rebuilt.
• A manufacturer may need help covering costs until damaged inventory is remade so it can be sold.
• A restaurant may need to cover costs until the space is rebuilt and customer traffic returns to normal.
• A ski resort could need help covering costs throughout an entire season if a disaster strikes just before the season starts.

Should small businesses have business income insurance?

Business income insurance isn’t just for businesses that have sizeable buildings or other major assets. It can also be extremely important for small businesses that don’t have many assets, but whose business owner is personally reliant upon the business’s income.

Depending on the specific circumstances, business income coverage might help pay a business owner’s and any employees’ salaries as a small business rebuilds. In some situations, small business owners would be forced to close if they don’t have a source of income for several weeks or months. Coverage may help ensure the doors don’t need to be shut forever, just because a disaster causes temporary damage.

What disasters do business interruption policies cover?

Depending on the terms and coverages of a business interruption policy, it might cover revenue losses stemming from perils like wind, smoke, fire, theft, vandalism, or other risks. An insurance agent who specializes in business interruption can check more precisely what a chosen policy would cover.

Does business interruption cover changes in market conditions?

Business interruption might protect against many risks, but changing market conditions normally isn’t one. Making wise business decisions is the responsibility of a business owner or manager. A business interruption policy almost certainly won’t protect against changes in customer behavior, increased competition, poor management, or other similar challenges.

How long do business interruption policies provide payments for?

In the event of a covered claim, business interruption policies will usually provide regular payments. How long these payments last depends largely on the type of coverage chosen:

• Standard Business Interruption Coverage: May make supplemental payments until the insured business reopens.
• Extended Business Interruption Coverage: May make supplemental payments for a defined period (e.g. 30, 60, or 90 days) after a business reopens.
• Contingent Business Interruption Coverage: May extend coverage to revenue losses stemming from suppliers’ covered disruptions.

A knowledgeable insurance agent can help businesses choose which duration or type of coverage would be best to get.

Can business interruption coverage be bundled with other insurance coverages?

While business interruption coverage might be purchased independently, it’s more often included within a package policy that bundles multiple coverages together. Both business owners policies and commercial package policies generally can include this coverage.

Where can New Hampshire businesses find business interruption insurance?

If you need help finding business interruption insurance, get in touch with the independent insurance agents a Insurance24. Our agents have helped many New Hampshire businesses get the coverages they need. We’ll work hard to make sure your business is properly protected with this and any other recommended protections.