Lost income and extra expenses are often the single largest costs business owners face when property is destroyed.
It can be very challenging to determine the amount of extra expense coverage needed by any given insured. Our experienced professionals know that when business property is damaged or destroyed, it can take an extended amount of time to repair or rebuild to return to income and production levels enjoyed immediately preceding the loss. Business Income and Extra Expense insurance covers time-sensitive losses involving damage of buildings and/or personal property. The standard Business Income policy will pay for restoration expenses only if they reduce loss; and the contract might not cover additional expenses.
However, Independent Adjusters of Miami will help negotiate a rider for extra expense coverage to pay for items such as restored telephone service, substitute space, the expense of long-term business plans, emergency plans and specific business prices need to be evaluated in determining the amount of Business Income and Extra Expense protection needed.