When my small café in Batu had to shut down for three weeks due to a burst pipe, I thought I was finished. But thanks to my business interruption insurance, I was able to cover rent, staff salaries, and even lost revenue. This post is my deep dive into how this coverage works and why it’s essential for any business owner.
Subtopics & Answers:
What is business interruption insurance? It covers lost income and operating expenses when your business is forced to close due to a covered event (fire, flood, etc.).
What does it typically cover? Revenue loss, payroll, rent, loan payments, and relocation costs.
How do you calculate the right coverage? Use your average monthly revenue and fixed costs to estimate potential losses.
Common exclusions to watch out for Pandemics, government shutdowns, and pre-existing damage may not be covered.
How to file a claim effectively Keep detailed financial records and document the incident thoroughly.
My personal experience and lessons learned I share how quick action and proper documentation helped me get reimbursed fast.
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