For businesses that had the flood insurance NJ companies need, their revenue losses were covered under the business interruption portion of their standard commercial insurance policy.
Trenton, NJ (PRWEB) November 14, 2011
While New Jersey isn’t exactly known for having severe weather, many local residents and business owners were recently taken aback by the number of natural disasters that struck the state. Some people felt shocks from the earthquake that traveled north from Virginia - an uncommon experience for New Jersey natives. However, Hurricane Irene took a rather serious toll on homeowners and businesses, with torrential downpours and whipping winds that left many with damaged property. The hurricane left many business owners thankful for their New Jersey business insurance policies, which protected them from the financial implications of property damage.
However, business insurance did a lot more for local companies than cover their replacement costs. In fact, a basic business policy likely includes more than many people would think. For businesses that had the flood insurance NJ companies need, their revenue losses were covered under the business interruption portion of their standard commercial insurance policy.
What’s business interruption insurance?
- It covers the revenue that businesses would have earned during the days that they had to shut down due to damage. The reimbursement amount that the insurer provides is based on the insured companies’ financial records.
- It helps pay for expenses that continued during the shutdown period, including costs pertaining to electricity and other utilities.
- It can’t exceed the limit that is set on the New Jersey business insurance policy, so business owners should ensure that their policy limit is high enough to account for several days during which the business is unable to operate.
Commercial insurance policies may cover a lot that many business owners don’t even know about. One way to find out exactly what a specific policy covers is to ask a knowledgeable, local independent insurance agent like those at Karl Weidel, Inc.
About Karl Weidel, Inc.:
Since 1915, Karl Weidel, Inc. has operated as a full service, independent New Jersey insurance agency. We pride ourselves on our excellence, integrity and service – it’s what our customers deserve and have learned to expect of us. Karl Weidel, Inc. has written New Jersey insurance and Philadelphia insurance for nearly a century with a firm belief in treating our clients with respect and unparalleled customer service. We understand that selecting a PA or NJ insurance policy can seem like an overwhelming task, so we aim to make the process as easy as possible for you.