Does commercial insurance cover expenses if my business is temporarily closed?

The only thing you can count on in the world is that everything has risks. One of the risks many business owners don’t account for is the possibility that the business will be temporarily closed due to circumstances beyond their control.

While the business is closed, it cannot earn money. However, your bills still need to be paid, including:

  • mortgage or rent
  • utilities
  • insurance premiums
  • employee wages
  • taxes
  • loans

Your business may also have other regular needs that you need to keep paying for. Asheville Insurance Center can help you ensure you have the coverage you need in case of a business closure.

How Much Coverage Do You Need?

When setting up your policy, you will need to figure out your regular expenses. The amount of coverage you are eligible for depends on how much you normally need based on your business records. 

Business interruption insurance also typically has coverage in case you need to temporarily operate out of another location.

How Does Business Interruption Insurance Work?

A specific event, such as a fire or storm, will trigger a claim. Your policy will describe what kind of events qualify, and it is important to understand the limitations. Some events are not covered, such as flooding. 

You may need to have extra coverage for certain kinds of circumstances. For instance, you might need to pay extra expenses when operating out of another location. You might also need coverage to get your building up to code while rebuilding.

Contact Asheville Insurance Center for More Information

Make sure your Asheville, NC, small business has the protection it needs. Call Asheville Insurance Center today so we can give you your options.