No man is an island, they say. And neither is a business. As Hurricane Sandy and Winter Storm Nemo demonstrated, businesses today are increasingly interdependent. Contingent business interruption insurance can protect you when a covered loss affects a “contingent business location.” Most businesses have some business income (also known as “business interruption”) insurance. If you...
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An estimated 70 percent of companies that undergo a major loss eventually go out of business because they failed to plan for the disaster. Proper planning includes completing a business income worksheet. This worksheet can help you get all the funds you’re entitled to after a disaster—here’s how. Business property policies usually include business income...
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At least 30 percent of small businesses in the U.S. have been closed 24 hours or longer in the last three years due to a natural disaster, reports the National Federation of Independent Business (NFIB). FEMA, the Federal Emergency Management Agency, estimates that almost 40 percent of small businesses never reopen their doors following a...
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