How To Cover Your Expenses After a Fire
Every business in Medford and Ashland, Ore. needs a plan of action to deal with the aftermath of unplanned fire damage to its physical space. It is essential to have business interruption insurance to recover from the following:
Aside from the cost of cleaning or replacing damaged items, insurance can help your business pay for additional expenses vital to its survival.
Fires can cause multiple levels of damage that extend far beyond property damage. For instance, the fire restoration process can prevent your business from operating in its physical space for weeks or months until it is safe to re-enter. Insurance can pay to move your business's essential equipment to a new location until it can return to its original space.
Aside from paying the rent for space at a temporary location, you will be obligated to continue making rent or mortgage payments for your fire damaged space while it is being restored. The financial responsibility of carrying two spaces is not tenable for most businesses, but it may be necessary. An interruption insurance policy can cover the costs of maintaining both spaces during the recovery process.
When an unplanned fire suspends a company's revenue, it is still liable to pay its taxes. Insurance that can cover these payments will prevent costly penalties and keep your business in good standing with the internal revenue service.
Through no fault of their own, your employees may find themselves out of work. Unemployment insurance might cover salaries due to various causes of job loss. However, it will not cover lost wages resulting from temporary business closures after fires. Fortunately, interruption insurance can supply the funds to continue paying your employees and provide peace of mind.
Unplanned business interruptions can halt your revenue flow. Fortunately, Medford and Ashland, Ore. business can stay afloat if it has insurance to cover its expenses.