What does business income coverage mean?

business income coverage meaning in Insurance Dictionary

Commercial property insurance coverage covering reduced earnings suffered by a business when injury to its premises by a covered reason behind reduction triggers a slowdown or suspension of the operations. Coverage relates to loss suffered in the period necessary to restore or change the damaged home. It may be extended to apply to reduction experienced after completion of repairs for a specific quantity of times. There are a couple of Insurance Services workplace, Inc. (ISO), business earnings coverage kinds: business earnings and extra expenditure coverage kind (CP 00 30) in addition to business earnings protection form without additional expenditure (CP 00 32). Company earnings protection (BIC) can be named company interruption coverage. See also Commercial home coverage kinds; Commercial residential property policy; Dependent properties time element coverage; Extra expenditure coverage; First-party insurance; Insurance Services Office, Inc.; Property insurance coverage; Time factor insurance; Time element loss.