Why Garage Business Income is the Coverage You Need to Understand

What do you know about Business Income Coverage?

Because I guarantee you, the smartest garage owners do.  They always know what business income coverage is, how much they have covered, and how it could save them if they have a major accident.  It’s a key coverage in Garage Insurance.

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Our biggest accounts in North Carolina all know this coverage inside and out, and make sure it is ready to go if something happens.

But for those who are new to this important piece of protection – what does it do?  How does it help us?  And how much is enough?

Let’s get into all that, and the question everyone asks about, well, everything: How much does it cost?

Black sports car.

Wicked smart.

What is Business Income Coverage?

Business Income Coverage is the net that catches you when an accident shuts down your business for a length of time.  The accident has to be something normally covered under your garage insurance policy.

Let’s look at an example.  If a fire damages your garage and will take six weeks to repair, you can’t just fix cars in the parking lot until everything is fixed.

But you also don’t want to continue paying for all of your normal business expenses without having any income in, now do you?  Your employees are still going to expect to be paid.  Your landlord will want their lease payment.

And your insurance agent will still want their premium (don’t you just hate those guys).

In this scenario, business income coverage would step in and save the day.  It would pay for your day to day expenses and, depending on the type of business income coverage, help cover costs that help you stay in business.

Without this protection, you could be paying out of pocket while not making any money.  Or worse, you could go out of business entirely.

Man driving pink convertible car while business is paid for by business income coverage.

Shop Getting Fixed = Road Trip

Types of BI Coverage.

Business Income Coverage comes in two types:

Business Income with Extra Expense Coverage protects you from covered accidents by helping cover costs to keep your business open, with extra expenses to help cover extra costs from the accident.

So in the fire example, if your shop is shut down and business income coverage is paying for your regular expenses, but you have to put out an ad that says, “YES, WE ARE STILL OPEN!  REOPENING ON THIS DATE,” your extra expense coverage would reimburse you.

The creatively named Business Income Without Extra Expense Coverage is, you guessed it, the basic coverage of your operating costs while your business is closed due to an accident but without the extra expense coverage.

So if something happens and you need to put up some money while that isn’t a part of your normal expenses, and this cost is due to the accident, you have to pay it on your own.

Knowing which one of these you have is a big deal.  And knowing what both do and do not do can save you from a massive headache – AND a massive bill that isn’t covered by your insurance.

Red car being fixed.

This would be easier if the shop were open.

What does it cost?

Whether you are in our backyard in North Carolina or in another state, business income coverage is INSANELY affordable.

You think I’m pulling your leg?  Check this out.

Business Income Coverage usually costs LESS THAN $500 a year.  That’s right.  You can keep your business alive when you’re knocked to the ground for less than the cost of a new set of tires.

A pile of American money.

This coverage is folded into your Garage Business Property Insurance, so make sure you look in there and see it.  Most policies will include it, but some shockingly don’t.

And even then, some agents won’t mention what kind you have, or how much of the total premium your BI coverage makes up.

So if you don’t know if you have it, what kind you have, how much it costs (and especially if you didn’t know what it did), isn’t it time you…

Talk to an expert.

Be one of the smart ones.  Talk to a Garage Insurance Expert at Alliance Insurance and make sure you have the right Business Income Coverage for your business.

It only takes a few minutes to know if you need a new quote that could save you time, money, and the peace of mind that comes from knowing your businesses is 100% protected from anything.

Click the link below and schedule a time with a Garage Insurance Expert now.


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