Business Income and Extra Expense Insurance

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The Travelers umbrella.

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SPEAKER: What is business income and extra expense insurance? Say your business experiences a fire or other covered loss and you have to shut down temporarily for renovations to be made before you can reopen. Even though your business is closed, you may still have financial responsibilities, like payroll, rent, taxes and other bills. Business income and extra expense coverage helps replace your income and expenses while your business is recovering from a covered loss. Some business policies provide additional protection, like extended business income coverage.

Imagine you own a bakery that closed for three months after a hurricane. Your regular customers went elsewhere while you rebuilt. Extended business income helps replace that lost income while you get your business activity back to normal levels. You could also experience losses if damage at the premises of your key suppliers disrupts your business. Business income and extra expense for dependent properties coverage can be added to help protect your business during those times.

In addition to property and general liability insurance, business income and extra expense is typically included in a Business Owners Policy, or BOP. An unexpected shutdown of your business due to a covered loss doesn't mean you have to abandon the plans and aspirations you have for your business. To get started with business income and extra expense coverage and other business insurance solutions, contact a Travelers independent agent or visit travelers.com.

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