You’ve just signed for that business loan and you’re ready to get the doors open just as soon as possible.

The banker shakes your hand and says “Have your insurance agent add the bank onto your insurance policy”.

You say, “I’ll get that done” while thinking…I need to get an insurance policy going soon.

A couple of days later you buy a business insurance policy that covers your business personal property and/or your building, pay the premium, and are relieved that you have taken care of the banker.

You have just taken care of your banker, but you could be in trouble if that’s all the coverage that you purchase.  You see, the bank will be made whole with a fire or tornado with the proceeds of your policy, but you won’t have an income for the 6 months or so that it takes to restart your operation.

You need to consider purchasing business income coverage.  It has a lot of different names including Loss of Income, Loss of Rents, and Combined Loss of Income and Extra Expense but all of these coverages are an attempt to keep the bottom line of the business the same as it would have been if the disaster hadn’t occurred.

Don’t wait until the next time you renew your business policies to add this coverage to your insurance plan.  They are important.  If you need help with insuring your business, give us a call at 806-798-7800 or visit www.hettlerinsurance.com for more information.  Best of luck to you.