Things You'll Need:
- Financial records
- Business inventory
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Step 1
Evaluate the risks to your business. When you get business interruption insurance, you'll need to know whether the biggest risk to your business is property loss, income loss or injury. Depending on the size and type of your business, you may need to purchase separate policies to cover each contingency.
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Step 2
Consider purchasing a packaged policy if you own a small business. In some states, business owners have the option to get something known as the Business Owners Policy (BOP). The package covers both property loss and liability for injuries. It's of particular benefit to independently owned retail establishments and owners of apartment buildings.
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Step 3
Choose a well-established insurance agency from which to purchase insurance. Investigate your options to make sure each agency is financially stable, will make good on a claim and has the resources to pay multiple claims in the case of a widespread disaster. Check the New York Insurance Department's website to find an agent or to locate information about specific brokers (see Resources below).
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Step 4
Buy enough insurance to cover the worth of your property. Being under-insured can make it difficult to get your business back on its feet after a disaster, but carrying more insurance than your property is worth won't provide you with additional protection. Companies won't pay the additional cost and the extra insurance may cost more than your business can easily afford.
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Step 5
Add an extra expense clause to your business interruption insurance or take out an additional policy. The costs of paying your employee's salaries, replacing equipment and temporary relocation are covered under an extra-expense policy. Business rents in New York are extremely expensive, and your company may not be able to cover an additional rent in addition to the one for your damaged building.
