CLEVELAND (Jan. 31, 2013) –Merchants who stand to lose profits following Wednesday’s fire at the West Side Market could have benefitted from business income protection insurance.
Most entrepreneurs aren’t aware that business income protection insurance is available through many commercial insurance carriers, said Phil Pavarini, who operates InsureCLE.com by Universal Insurance Co.
“Business owners recognize the need to carry liability insurance, property insurance, commercial auto insurance and the more traditional products. Most don’t know that business income protection insurance will help in the event of a catastrophe that keeps their businesses’ doors closed,” Pavarini said.
The fire at West Side Market is a prime example of when loss of income insurance would be helpful. According to reports, many of the vendors who sell products inside the market stand to lose income since the market will be shut down while the investigation and clean up are ongoing.
Business protection insurance frequently provides:
· Income up for several months following a covered loss.
· Reimbursement for expenses incurred that allow normal operations to continue.
· Civil authority coverage for a period of time if you are prohibited access by a civil authority.
“It’s an often overlooked, but vital piece of insurance coverage,” Pavarini said. “If a small business owner loses income due to a fire, natural disaster or other unforeseen event, his or her livelihood is at stake. This coverage will help them continue to pay bills and provide for their families even if their business isn’t able to operate.”
As a community service, Pavarini will offer complimentary reviews of business owners’ policies to ensure they have this vital coverage.
“Sometimes this coverage will be stripped from a policy to lower the overall cost, and the business owner doesn’t know he or she isn’t covered until it’s too late,” Pavarini said. “To clear up confusion and give business owners peace of mind, I’m happy to review their policies and make sure they’re appropriately protected.”
InsureCLE.com by Universal Insurance Co. offers clients a wide range of insurance products, including life, home, auto, watercraft, renters, commercial liability as well as contract bonds for construction trades, public officials, auctioneers, courts, landlords, childcare providers and probate bonds.
Headquartered in Parma, Ohio, the agency also has offices in Cleveland. For more information, please visit www.InsureCLE.com or call (216) 374-4500.