What is the Definition of Business Income Insurance?
Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks. Also known as business interruption insurance.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Business Income Insurance?
Check out other definition of insurance terms below:
What is the Meaning of GUARANTEED DEATH BENEFIT In Insurance Terms?
Basic death benefits guaranteed under variable annuity contracts.
What is the Meaning of GUARANTEED INCOME CONTRACT/GIC In Insurance Terms?
Often an option in an employer-sponsored retirement savings plan. Contract between an insurance company and the plan that guarantees a stated rate of return on invested capital over the life of the contract.
What is the Meaning of GUARANTEED INSURABILITY (GI) BENEFIT In Insurance Terms?
A supplementary life insurance policy benefit often provided through a policy rider that gives the policy owner the right to purchase additional insurance of the same type as the life insurance policy that provides the GI benefit on specified option dates. Also known as guaranteed insurability option (GIO).
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