10/10/2023

Why you need Loss of Profits Insurance in your business NOW

Imagine that your store experiences a fire due to a short circuit and you have to close for a month. Even if the physical damage is repaired, the big question is: Who will compensate for lost revenue and fixed expenses during that time?

That is precisely what happened to our client who is the owner of a candy store. He faced the difficult situation of having no income for a month, in addition to having to cover fixed expenses such as his employee’s salary and rent.

The solution is in Damages with Loss of Profits Insurance. This type of insurance can compensate you for the days that your business was closed, either through agreed daily compensation or a single payment based on the profit of the last year. But these are not just internal accidents. If works on public roads prevent access to your business, Multi-Risk Damage insurance can compensate you for the loss of income. Additionally, it protects you against a variety of eventualities, such as fire, electrical damage, and theft. Additionally, if you are a landlord and lose rental income due to an accident, this insurance can cover those costs.

In short, we strongly recommend all self-employed people, entrepreneurs and business owners consider this type of insurance. Protecting yourself against Loss of Profits can be the key to ensuring the viability and continuity of your business in difficult times.

 

Depósito Legal M-41589-2012 Edita: E2K Global