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Volume 27, Issue 3

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Insurance and Disaster Recovery Planning: Business Income Coverage and Claims Preparation

Written by  Sandy Van Mill and Al Gliane, CBCP November 15, 2007

During a recent seminar for disaster recovery for small and medium-sized businesses, it became evident that many company managers are unaware of some of the ways that insurance can be effectively used to recover from a disaster.> This article attempts to provide this useful information. Specifically, it will discuss how business income insurance can be used to control losses after a disaster, and how insureds can be better prepared if they should ever need to file a claim after a disaster. Business Income Insurance Business income insurance (aka business interruption insurance) covers a company’s loss in net profit due to a disaster. It also covers continuing expenses (eg. rent and loan payments) that a company is obligated to pay during the time the company is unable to operate. It is important to note that business income insurance is a contingent coverage. That is, it covers consequential loss resulting from a direct loss to property.

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