Are You Prepared for a Sevier County Restaurant Business Interruption?

Are You Prepared for a Sevier County Restaurant Business InterruptionAre You Prepared for a Sevier County Restaurant Business Interruption?

No matter what type of business you are running, insurance should be an essential part of your financial planning. Sevier County Business Insurance protects your company against catastrophic losses that could easily bankrupt a growing business. If you own or manage a restaurant, it’s even more important to understand the perils you could face. One of the biggest risks your establishment faces is a Sevier County Restaurant Business Interruption.

Sevier County Restaurant Business Interruption Insurance provides your facility with financial coverage should a covered loss prevent your business from earning profit. For example, Sevier County restaurant business interruption insurance would pay the earnings you would have expected to receive had a loss, such as a fire that shuts down the restaurant for weeks, not occurred.

Aside from knowing how important it is to have the right type of insurance coverage, what are some ways you can prepare for a Sevier County restaurant business interruption? We’ve listed a basic checklist below.

  • Review your policy. Know your business interruption coverage and how your policy defines a business interruption.
  • Notify your insurance carrier promptly should an interruption occur. Time limits vary depending on your policy, but failure to give notice to your insurance company within the time limit of the loss can invalidate the claim.
  • Prepare and sign a sworn proof of loss.
  • Take reasonable steps to protect your property from further damage.
  • Establish a separate business account to maintain a record of extra expenses incurred due to the business interruption, such as rent for a temporary location, debris cleanup, etc.
  • Gather pertinent financial and legal documentation, such as annual income tax returns and monthly financial statements.

In addition to taking the steps listed above, it’s important to determine the probable period of interruption before it occurs. The period of loss is typically determined by the time it should reasonably take to repair, rebuild or replace the property after the initial damage has been sustained.

Sevier County restaurant business interruption claims are by nature very complex. As a restaurant owner or manager, it’s important to be as informed and financially prepared as possible should a business interruption hit. At Barnes Insurance Agency, we offer comprehensive Sevier County Business Insurance policies for a number of Targeted Industries, including restaurants. Please contact us for more information at (866) 733-5424. 

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