Michelle Claverol's Business Interruption E-Book
Every Sunday for the past thirty two weeks, Michelle Claverol has written on topics involving business income, extra expense and interruption claims. These are not the easiest or sexiest of insurance coverage matters, but, for many businesses, winning these issues and having claims paid promptly can determine economic survival.
In yesterday's post, I quoted Barry Zalma’s opinion, "without Insurance the economy of the world would collapse. No entrepreneur would dare invest money in a business if he could not spread the risk of loss." Scott Johnson and his fellow insurance agents would make a much greater impact upon their business clients if they could convince more to purchase complete coverage in the various forms of business loss insurance. Money is the lifeblood of any business organization.
In an upgrade to our website and to make all of Michelle's work more easily available, we have placed them together into an e-book for study. Just click below.
Again, taking from Zalma:
"...No entrepreneur would dare invest money in a business if he could not spread the risk of loss."
The entrepreneur would "dare" not invest if they truly knew they weren't really spreading the risk of any loss cuz the chance(s) of a claim getting paid is VERY SLIM.
Ultimately, it might get paid- 6 years later. And then paid only after countless delays, probably litigation, attorneys fees, costs, EUO's, etc.
SHIRLEY HEFLIN
Shirley,
That's a pretty good point and probably a good reason why businesses should get lines of credit before a catastrophe because some insurance companies take months to pay for income loss.
Still, it would be nice to have some hedge and these coverages are important to purchase.