What is Business Income Insurance?
Business Income coverage helps replace income lost when a business is unable to operate due to a covered property loss such as damage from a fire, theft or wind.
For example, if your business is unable to operate and generate revenue due to a fire at your office, business income coverage can help cover your costs until your business is up and running again. This way, you can continue to pay expenses such as payroll and monthly bills while your business property is being repaired or replaced.
Best of all, business income coverage is already included in a Business Owner’s Policy from The Hartford. And you can easily increase coverage to meet specific risks to your business income by choosing from a variety of optional business income coverages that can be added as endorsements to your existing Business Owner’s Policy.
Who Needs Business Income Coverage?
If your business relies on a physical location, equipment or other property to generate income, consider increasing your business income coverage with endorsements to your existing Business Owner’s Policy. For example, businesses like these may benefit from adding business income coverage endorsements to their policies:
- Software companies that rely on both physical property such as offices, computers and servers as well as digital property such as cloud storage.
- Service businesses such as hair salons that depend on a physical location and tools to serve customers.
- Retail stores and businesses that require online and/or brick-and-mortar storefronts to display products and other goods so customers can make purchases.
What Does Business Income Insurance Cover?
Designed to help protect business income from a variety of risks, we offer a broad range of coverage options that can be added to an existing Business Owner’s Policy from The Hartford.
Business Income Extension for Essential Personnel
It can be difficult for businesses to continue operations when essential employees are suddenly or unexpectedly absent. If this happens, business income protection can help cover the cost of lost business earnings and additional expenses resulting from an employee absence, so you can continue to run your business.
Business Income Extension for Cloud Service Interruption
Many businesses depend on cloud storage operations to maintain data and transfer important files to vendors, clients and employees. This optional coverage can help cover income lost due to an unplanned and unexpected outage of your business’s cloud service.
Business Income Extension for Off Premises Operations
The risk of damage to equipment and tools may increase when businesses are working at an off premises job-site. In the event work must stop because equipment was damaged at a jobsite, this protection can help cover the resulting lost income as well as the costs for renting replacement equipment.
Business Income Extension for Off Premises Utility Services
If your business relies on off premises utilities such as power, communications and water and those services are interrupted, this coverage can help cover the lost income and additional expenses resulting from the disruption.
Business Income for Dependent Properties
Many businesses depend on third parties in order to operate. This could be a shipper who delivers products that you need in order to do business with clients, a manufacturer who builds your product or even an anchor store whose customers or employees do business with you. If a third party is unable to operate due to a covered loss, your business may suffer. Business Income From Dependent Properties can help cover lost business income that results from a third party’s inability to provide the products or services your business relies on to operate.
Business Income Extension for Electronic Vandalism
In the event that your business’s website encounters a malicious attack that hinders it from generating business, this optional coverage can help cover the resulting loss of income.
Extended Business Income
It’s unfortunate, but after a covered event, your business may have trouble regaining its prior level of income. If, for example, your pet grooming business closes for several weeks due to a covered loss, and upon reopening you find many of your old customers found new pet groomers, Extended Business Income can help replace the lost income while you build back your business.
Why Choose The Hartford for Business Income Coverage?
The Hartford has been insuring businesses for over 200 years and we are committed to making it easy for our small business customers to help protect their hard-earned income. In addition to the business income coverage included in your Business Owner’s Policy from The Hartford, you can customize your coverage by adding specific Business Income coverage endorsements to your existing policy.
You get additional coverage to address the specific risks your business faces with the convenience of managing one policy and paying one bill. You also enjoy access to our industry leading customer support and response times.
To learn how The Hartford can help protect your business, talk to an agent or get a quote online.