{"id":76,"date":"2018-06-14T10:43:04","date_gmt":"2018-06-14T14:43:04","guid":{"rendered":"https:\/\/insuremytools.ca\/blog\/?p=76"},"modified":"2018-06-14T10:43:04","modified_gmt":"2018-06-14T14:43:04","slug":"business-income-coverage","status":"publish","type":"post","link":"https:\/\/insuremytools.ca\/blog\/2018\/06\/business-income-coverage\/","title":{"rendered":"Business Income Coverage"},"content":{"rendered":"<p>If you own your business, you already know that sometimes things simply don&#8217;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.<\/p>\n<p>Let&#8217;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 <a href=\"https:\/\/insuremytools.ca\/\">InsureMyTools.ca<\/a> <strong>Classic and Plus Packages<\/strong>.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a071bc24bb19\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a071bc24bb19\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/06\/business-income-coverage\/#What_is_Business_Income_Coverage\" >What is Business Income Coverage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/06\/business-income-coverage\/#Business_Income_Coverage_%E2%80%93_Profits_%E2%80%93_Classic_Package\" >Business Income Coverage &#8211; Profits &#8211; Classic Package<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/06\/business-income-coverage\/#Business_Income_Coverage_%E2%80%93_Project_Site_%E2%80%93_Plus_Package\" >Business Income Coverage &#8211; Project Site &#8211; Plus Package<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/insuremytools.ca\/blog\/2018\/06\/business-income-coverage\/#Why_Would_InsureMyToolsca_Cover_This\" >Why Would InsureMyTools.ca Cover This?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Business_Income_Coverage\"><\/span>What is Business Income Coverage?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At <a href=\"https:\/\/insuremytools.ca\/\">InsureMyTools.ca<\/a> 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 <strong>business income \/ business interruption<\/strong> coverage is that your business will get money for the loss of business during a covered peril\/loss.<\/p>\n<p>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.<\/p>\n<p>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&#8217;re not covered for.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_Income_Coverage_%E2%80%93_Profits_%E2%80%93_Classic_Package\"><\/span>Business Income Coverage &#8211; Profits &#8211; <strong>Classic Package<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The \u201cbusiness income &#8211; profits\u201d 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&#8217;s insurance lingo for a building that is listed on the insurance policy, such as a workshop.<\/p>\n<p>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 \u201cbusiness income &#8211; profits\u201d 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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_Income_Coverage_%E2%80%93_Project_Site_%E2%80%93_Plus_Package\"><\/span>Business Income Coverage &#8211; Project Site &#8211; <strong>Plus Package<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Plus Package<\/strong> comes with the \u201cbusiness income &#8211; profits\u201d listed above, and it also has the \u201cbusiness income &#8211; project site\u201d 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 <strong>located on the job site<\/strong>.<\/p>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Would_InsureMyToolsca_Cover_This\"><\/span>Why Would InsureMyTools.ca Cover This?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>We created the InsureMyTools.ca 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\u2019re not going to insure your lawyer or accountant. We don\u2019t 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.<\/p>\n<p>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&#8217;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.<\/p>\n<p>If you don&#8217;t already have business interruption \/ income coverage, please call your insurance professional to see if it&#8217;s a possibility. If you are already a customer of <a href=\"https:\/\/insuremytools.ca\/\">InsureMyTools.ca<\/a> and want to upgrade your package, don&#8217;t hesitate to <a href=\"https:\/\/insuremytools.ca\/#contact\">contact us!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you own your business, you already know that sometimes things simply don&#8217;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&#8217;s &hellip;<\/p>\n","protected":false},"author":1,"featured_media":78,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,26],"tags":[31,30],"class_list":["post-76","post","type-post","status-publish","format-standard","has-post-thumbnail","placeholder-for-hentry","category-commercial-general-liability-cgl","category-endorsements-floaters","tag-business-income-coverage","tag-business-interruption","entry entry-center"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/posts\/76","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/comments?post=76"}],"version-history":[{"count":0,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/posts\/76\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/media\/78"}],"wp:attachment":[{"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/media?parent=76"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/categories?post=76"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insuremytools.ca\/blog\/wp-json\/wp\/v2\/tags?post=76"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}