Business Income Insurance
Business Income Insurance Having and Understanding This Coverage Can Be Essential to a Company's Survival
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EDITOR'S NOTE
Advisor. Consultant. Prognosticator. Trusted friend. Today's insurance broker wears many hats while assuring that his or her client has the best protection possible. As business insurance grows more complex and the stakes get higher every day, never has this service been more crucial—or the consequences for failing to provide it, greater. This issue of Adjusting Today examines two areas in which a broker's expertise can be invaluable to a client.
Our first piece discusses how business income (business interruption) insurance can be critical not only to a company's prosperity, but to its very survival.
This post-loss perspective offers unusual insight into a coverage that too often doesn't get the attention it deserves.
Complementing this article is an equally informative piece on the broker's role in settling a claim, by Richard Niestrom of the HNI Company in Milwaukee. Having had experience as both a broker and professional loss consultant, Niestrom suggests how the broker can play a key role in helping a client recover from a loss, and why that role is so important in the broker-client relationship.
We think you'll find it interesting and valuable reading.
—Sheila E. Salvatore, Editor
Fortunately, this manufacturer—with due credit to their insurance broker—had purchased adequate business interruption insurance before the potentially devastating event occurred. Equally important, perhaps, the client sought outside professional assistance that proved to be critical
Many companies are not as fortunate as this one. Because when it comes to property insurance, the real and personal property are often the principal concerns. In fact, the key to surviving a disaster may very well depend on the firm's loss of income protection.
Over the years this coverage has evolved and undergone several name changes—being known