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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
When fire, theft and other events cripple a company, it can suffer financial losses severe enough to put it out of business. But business owners can soften this potential financial blow by carrying business interuption insurance, which often comes as part of business owner policy coverage. Heres' what you need to know about this important protection.
Covered events that can slow or shut down your business generally include fire and theft, but could also include a labor strike, a data breach that halts business operations and more. Some insurers even offer an additional measure of protection by insuring against supply chain disruption when a covered event halts the work or supply provided by vendors.
Business interruption insurance generally won’t cover losses from events that typically require specialized insurance, such as floods, earthquakes and sometimes, wind. Check your policy to make sure you understand what it covers and any exclusions.
If you meet these terms, business interruption insurance may help keep your firm viable by paying vendors, interest on loans and employees’ salaries and benefits while they’re out of work. The physical size of your business, amount of coverage, its claims history and other factors will affect the price of the insurance. Do your homework before buying this insurance, because policies can differ greatly, as can covered events, limits and exclusions.
GE-2823645a(11/19) (Exp. 11/21)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
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GE-4833845.1 (7/22)(Exp. 7/24)
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