There are many reasons for the flow of a business to stop temporarily — any of which could stem your cash flow, put you in debt, damage your company’s reputation, and even lead to bankruptcy or closure. This is precisely where Business Continuation Insurance from Blue Lion Insurance Advisors, LLC can be invaluable.
Because we are not affiliated with any one insurance company, we are able to offer you a broad range of policies. Because we have a century of experience with all kinds of Commercial Insurance, we can impart excellent guidance concerning which policies are best for your particular company. If your business is in New Jersey, contact us now at (732) 649-1600 or online for a free consultation to discuss your needs and options.
Why Business Continuation Insurance Must Not Be Overlooked
Many business owners are so caught up in meeting the current demands of their company and keeping it profitable that they lose sight of the major problems that would ensue if daily operations were interrupted by an unforeseen catastrophe, such as:
- Incapacitation or death of the owner or partners
- Natural disasters (e.g. hurricanes, floods, blizzards)
- Fire, theft, vandalism
- Personal emergency that requires the owner’s absence for a period of time
In a great many cases, the absence of the head of a corporation, store, small shop or other business, puts the functioning/productivity of the establishment at risk.
For a Business to Survive, Cash Flow Must Continue
The fact that business operations have been halted doesn’t mean that bills stop coming in. There must still be money available to pay:
- Rent, mortgage payments
- Employee wages (letting staff go and rehiring new people can be more expensive), including the salaries that support top executives and owners
- Costs of relocation during repairs or rebuilding if the premises are uninhabitable due to damaged equipment, toxic fumes, flooding, or electrical damage
- Loan payments to keep your credit good and your reputation intact and to prevent having to pay exorbitant penalty fees
Business Interruption Insurance is designed to keep your business alive even if it is temporarily out of commission. Because such policies are often complex, you should contact our talented insurance advisors today. Now is always the right time to prepare for unexpected problems that could interrupt your business’s profitability.
What a Strong Business Continuation Policy Can Provide If an Owner Is Incapacitated
Whatever the size of your business, Business Continuation Insurance can serve as a useful part of your business succession plan since such a policy is structured to meet your business needs if you or a partner should be seriously injured, become severely ill, or die, or if they otherwise become unable to continue to participate in the ongoing operation of your firm.
Business Continuation Insurance policies are payable according to the terms of an ownership transition contract. They typically contain either a buy-sell, cross-purchase, or entity purchase agreement. Life Insurance policies and Disability Income Insurance serve as a backup. One way or another, a Business Continuation Policy permits a preplanned transfer of ownership to protect all parties.
Contact Our Capable Business Continuation Insurance Advisors Today
Our professionals are knowledgeable and extremely well-trained. We can offer you several ways to protect your business from the risk and the possible hardship that could follow a business interruption. Furthermore, we can help to mitigate the financial and emotional stress inherent in the immediate aftermath of a disaster and make sure that your Commercial Insurance is Blue Lion Strong™.