Business Income Insurance

Protection for Severe Weather and More

Severe weather can force your business to face harsh realities. The fact is that 40% of businesses forced to close due to a storm will never reopen1. But it’s not the storm that typically wipes out a business. It’s the loss of income. Simply put, without income, many small businesses may have difficulty continuing to pay for:

  • Employee salaries
  • Rent
  • Taxes
  • Loans and other financial obligations

That’s why The Hartford’s base Business Owner’s policy includes Business Income Coverage. It can help pay ongoing expenses while a business that’s forced to close due to severe weather takes the time to repair and recover.

And a storm doesn’t have to physically hit your business’ location to damage your income.

Loss of power, communications, and other essential services can shut down your business for days, even weeks. It’s why our Off-Premises Utility Services coverage provides broad, robust coverage to protect your business income.

Income Protection Beyond Severe Weather

While severe weather is making the headlines, it’s not the only thing that can cause your business to close. Fire, theft, and vandalism can threaten your business as well. Even if you’re protected by property and casualty insurance, the income lost while your business is being repaired or rebuilt often is not covered.

Spectrum’s basic Business Income insurance covers:

  • Net Income (Profit or Loss before income taxes) that would have been earned or incurred
  • Continuing normal operating expenses for up to 12 consecutive months after the date of loss
  • Employee salaries and benefits

Plus, with The Hartford’s Business Income insurance you have the option to extend coverage for up to 12 months.

Did You Know?

A recent survey of small business owners showed that:

  • 55% said they did not have business income insurance2
  • 63% said they were unfamiliar with business income insurance2
  • 60% said they didn't have the information they needed to determine their risk2

The statistics add up to one very important fact. Most small business owners are leaving themselves exposed, and unable to weather the consequences of severe weather.