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New Jersey business planning may include insurance choices

Hurricane Sandy decimated parts of the New Jersey coast leaving many businesses in ruins. For those businesses that included insurance as part of their business planning, recovery may be easier. Many business owners who may have wondered why they pay monthly premiums for insurance are now glad they did.

It is estimated that approximately one-quarter of all of the funds that insurance companies are going to pay out as a result of Hurricane Sandy will be to businesses in the form of business interruption insurance. This insurance covers a business for the loss of income when their business is interrupted by things such as natural disasters. Of course, there are limits to these policies just as there are with any other insurance policy, but it is better to have the coverage than nothing at all.

One business owner in Sea Bright, New Jersey lost his entire inventory in the Hurricane Sandy. He is still finding items from his inventory strewn across the shoreline and in his neighbor's yards. He was paying for premiums on a business interruption insurance policy before the storm, and is now glad he did.

There are several types of insurance policies for businesses. When a company is doing its business planning, it may want to take the time to review all of the different types of policies available, including business interruption insurance. There are times when it may seem futile to continue paying on a policy that a business has never had to file a claim against. However, there may come a time when paying those monthly premiums will come in handy, just as it is for those businesses that were devastated by Hurricane Sandy.

Source: Nj.com, "Devastated by Sandy, some N.J. businesses see lifeline in 'interruption' insurance," Ed Beeson, Nov. 18, 2012

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