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Only one business out of five will recover following a significant loss, such as a natural disaster, fire or flood. The inability to sustain the operation causes businesses to lose income that would cover payroll and operating expenses. Business income insurance coverage can make survival possible. Business owners are wise to follow these pointers.
- Assess risks – Business locations have identifiable risk factors, such as floods, tornadoes or hurricanes. In addition, supplier locations have similar risks. Each situation must be evaluated to determine the ways in which the business must adapt to recover from various situations.
- Devise continuity plan – Business survival depends on the ability to continue the operation in a temporary location or with another supply chain. During this time, the business income insurance can supplement the cash flow to provide funds for the operation and payroll.
- Conduct annual review – During the budget process, the continuity plan must be reviewed and updated to address growth and other changes that happened during the year. Adjustments to the plan must include updates to the business income insurance policy limits.
For all of your business income insurance needs in Nevada, contact All Nevada Insurance located in Las Vegas.
