Business Interruption Insurance

Small Business Owner and Business Interruption Insurance

Having your own business is something many of us dream about.  First step is to know what your business is going to be.  Do you want a restaurant? What about a hair salon?  You might want to use your talents in professional services like accounting or landscaping. The ideas are as endless as future business owners. Once you find your location and get ready to open you still have some work to do.

As a small business owner you not only take care of what is in the “front of store” but all the behind the scenes work that makes it run and protects your investment of time and money.  While we may all realize we need protection for possible accidents or injuries.  Insurance can also protect your business in the case of losing your business partner, key person, like your star chef becoming ill.  Business Interruption Insurance can also protect in the event that a catastrophe closes your business temporarily.

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Types of Small Business Owner Insurance Policies

Business interruption insurance is a type of insurance that covers loss of income that a business may suffer after a disaster. Specifically, these policies cover some businesses that generate income due to its physical assets like machinery, land, even services.  In the case of an interruption they will potentially lose income. While Business Property Insurance covers the value of most physical assets, it does not cover the loss of potential revenue. In some cases, this can lead to businesses losing so much income that they are forced to shut down. Both business who rely on income from selling physical products (such as wholesalers) and business who rely on foot traffic (retail stores, restaurants) need Business Income insurance.

Another factor a small businessperson needs to consider is Key Person Insurance. In a small business, the key person is usually the owner, the founders or perhaps a key employee or two. The primary factor to consider is if the person’s absence would be a detriment to the business on a substantial level. If this is the case, key person insurance is worth considering.

This is a life insurance policy that a business purchases on a key person’s life. The business is the beneficiary of the plan and pays the insurance policy premiums.  In the case of a loss, the payout essentially buys the company time to find a new person or to implement other strategies to save the business.

If your small business is a partnership you may consider a Buy–Sell Agreement.  This is a legally binding agreement between the co-owners of a business. It is sometimes referred to as a buyout agreement. A buy-sell agreement establishes criteria if a co-owner dies, is forced to leave the business, or simply chooses to leave the business.  In this case, while not necessary this agreement can be funded by a life insurance policy. A buy/sell agreement gives employers peace of mind knowing that their business is in capable hands should they no longer be able or want to manage it.

A well-crafted, properly funded buy-sell agreement can offer you peace of mind that your business and family would be protected if something happened to one of your partners. If you think a buy-sell agreement could benefit you and your business, consult your financial professional to learn more about how to move forward and to coordinate with your attorney to draft the buy-sell agreement.

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BEW: The Right Fit

Since insurance is such an important part of your business you should speak to someone who knows the information you need to know.  You need to talk to someone who understands how important this is to you and your shareholders and employees. You need someone who can treat you like a trusted partner.

Knowledge and compassion fit are what BEW is about. We have been in the business for over twenty years. We are a local small business that has been a part of our community for many years. We have started our own business and and helped many local businesses as well.  We love to educate our clients about the different aspects of insurance and find what is best for them.  We want you to understand and are always here to help.

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Client Feedback

Great people, very kind and will go above and beyond to help with whatever you need.
Dani Kay
15:16 09 Dec 19
Bruce and Ellie's caring and understanding for our clients, along with their expertise is why we are confident in recommending BEW Financial Solutions again and again.We ourselves use their services for our business and our families.~~ Sensible Daily Money Managers, LLC
Sensible Dmm
20:24 13 Nov 19
Very helpful and friendly. Even offered us hot tea or coffee when we came in for help for health insurance. Highly recommend.
ChristinA Mendoza
18:53 10 Dec 17
Great people, very kind and will go above and beyond to help with whatever you need.
Dani Kay
15:16 09 Dec 19
Bruce and Ellie's caring and understanding for our clients, along with their expertise is why we are confident in recommending BEW Financial Solutions again and again.We ourselves use their services for our business and our families.~~ Sensible Daily Money Managers, LLC
Sensible Dmm
20:24 13 Nov 19
Very helpful and friendly. Even offered us hot tea or coffee when we came in for help for health insurance. Highly recommend.
ChristinA Mendoza
18:53 10 Dec 17
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