Commercial property insurance protects your business from loss of company property. This can include coverage for an array of items including buildings, office equipment, furnishings and fixtures, mobile equipment, tools, parts, and inventory. Coverage is also available for equipment breakdown, business income, extra expense, among other things.
If your office building is damaged or destroyed, your moneymaking operations are halted. You lose income. Business income coverage reimburses you for revenue lost during suspension of business operations as a result of a covered loss.
Extra Expense coverage reimburses you for costs over and above your business’ normal operating expenses that are necessary to keep your business running following a covered loss. This may include moving costs to a new location, rent for your temporary location, advertising expenses to notify clients of your temporary location, etc. All of these are covered items under Extra Expense.
Insurance experts estimate that Business Interruption Insurance is one of the most, if not the most, valuable coverage available, yet it is often overlooked by business owners. Since Property Insurance only covers the cost of physical loss or damage and contents of a business in the event of a disaster, Business Interruption coverage is invaluable in covering the loss of income while the permanent business location is being repaired.
Consider that turbine engine or avionics package you are shipping. It may not be covered under your transit agreement. Transit coverage ensures that your property, or property in your custody, is covered while en route to another location.
This list of coverage is in no way a comprehensive list of all available insurance for aviation business owners. Call us to learn about business continuity resources.