Business Income Coverage

Temporarily Closed

If you own your business, you already know that sometimes things simply don’t go your way. Equipment and tools go missing or your entire workshop could burn down. For reasons such as these, there are insurance coverages for businesses that lose money from their businesses not being able to operate due to covered losses.

Let’s take some time today and learn how business income coverage could benefit your company and possibly save your business from unrecoverable losses. We will discuss the business income coverages that come with the Classic and Plus Packages.

What is Business Income Coverage?

At we have two different business income options on our insurance packages. Both types of business income coverages will be discussed below, but the basic idea behind any sort of business income / business interruption coverage is that your business will get money for the loss of business during a covered peril/loss.

Business income coverage is not designed to cover additional costs such as labour or supplies. Its sole purpose is to cover the loss of profits due to the business not be operational.

Usually these endorsements are worded very clearly as to what they will cover and when the business interruption coverage will respond. As always, make sure you know your policy wordings and have your broker or insurance professional explain exactly what you are covered for and what you’re not covered for.

Business Income Coverage – Profits – Classic Package

The “business income – profits” coverage will respond to the suspension of operations or loss of income as a result of direct physical loss to property at the premises described on the insurance policy. That’s insurance lingo for a building that is listed on the insurance policy, such as a workshop.

If your workshop were to have a covered loss (fire) and you lost jobs or were unable to do business for a period of time, the “business income – profits” coverage would respond. The supplies, product, or tools in the building would be covered under other portions of your policy, but we are solely focusing on the business income portion.

Business Income Coverage – Project Site – Plus Package

The Plus Package comes with the “business income – profits” listed above, and it also has the “business income – project site” coverage. This coverage will extend beyond the shop and provide coverage for the loss of income as a result of a covered loss to your tools or equipment located on the job site.

As an example, if you had machinery on the job site and there was a covered loss (fire) and you were unable to finish or lost the job as a result, the coverage would respond for the resulting loss of income.

Why Would Cover This?

We created the brand to provide affordable insurance premiums to the trades (contractors, sub-contractors, etc.). Unlike other insurance providers who try to insure everybody, we focus on insuring contractors and trades people only. We’re not going to insure your lawyer or accountant. We don’t insure doctors, dentists, or weekend warriors. Our only clients are professional contractors and tradespeople, and our only focus is providing you with the best insurance policy for the best price. Because our business depends on your business surviving, we want to ensure you have the ability to purchase the best coverage available to protect you.

To some contractors and Trades, it may not be a big deal to some if their equipment is stolen or catches fire. The insurance company will respond and they will get another piece of equipment and be operating with little or no downtime. However, some businesses wouldn’t be able to wait for the new equipment or they may lose jobs that they needed to stay afloat. These companies need to consider Business Income Coverage.

If you don’t already have business interruption / income coverage, please call your insurance professional to see if it’s a possibility. If you are already a customer of and want to upgrade your package, don’t hesitate to contact us!

Related Post