5 Reasons to obtain Loss of Income Insurance for Your Business

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Protection for your business in case of the unexpected.

If a disaster were to strike your business, how would you recover? If a major storm like a tornado or hurricane destroyed your building or essential assets, how fast could you rebuild, recover, and get back to 100% operation?

The truth is, it can take a long time, and disruptions in business can result in major long-term losses.
Fortunately, Loss of Income Insurance is available for businesses of all sizes. While these policies may not be for everyone, lets take a look at the top reasons why you should consider it.

1. Financial Coverage

The most basic and most obvious reason for having Loss of Income Insurance is the financial protection that it gives you. Your business may be interrupted for weeks or even months as you rebuild, and many businesses can’t just pack up their files and move to a new location. For example, if you are a realtor, you can probably get by working at a rented location or your home office for a while. But if you own a restaurant, you need equipment, tools, dining space, a usable kitchen, as well as a viable location. How will a restaurant owner pay the bills while their location is being repaired? Loss of Income Insurance is one available solution.

2. Keeping You Protected for a Long Time

Depending on the size, scope, and level of damage to your business, rebuilding can take a very long time. Weeks, months, even a full year could go by before you are back to full operation. While the time period for each policy will vary, with Loss of Income Insurance, you will be covered for an extended time frame, helping you stay afloat and keeping your dream alive.

3. Protection from the Loss of Key Team Members

Who are the most important people in your business? What would happen if these employees, managers, or executive leaders were unable to do their job due to injury or disability? If the loss of a single individual could severely harm your business, Loss of Income Insurance may be able to help. There are policies that can compensate for the loss that your business could suffer if a key team member, including yourself, is unable to do their job.

4. Protection for Your Employees As Well

Loss of Income Insurance is a great way to show your employees that you value their contributions and want to protect their financial future. You can find insurance policies that will help you provide income for your employees while your business is being repaired, which can go a long way toward earning your team’s loyalty, dedication, and hard work.

5. Peace-of-Mind for You and Your Family

Running a business is not for the faint of heart, but having Loss of Income Insurance gives you a little peace-of-mind. You’ll rest easier knowing that a disruption in your business operations won’t be the end of your company, and you’ll be able to focus on what really matters: building your business and becoming a long-term success!
Contact the experts at Avante today to evaluate the coverage available for a business like yours.