The news last night interviewed an employee of Industrial Wood Products who worried about her coworkers after this fire destroyed their workplace.
My job as an insurance agent is to help you get ready before bad things happen and then recover afterward.
Now, when most people think about insurance, they think about getting the money to rebuild their business's physical location.
But there is also a coverage called "Business Income" that is absolutely critical in instances like this one.
It pays you (as the business owner) the income that you're not making because your place burned down.
Let's be optimistic and say that it will take six months to rebuild the plant. Could you go without income for six months? Could your employees?
That's right. The Business Income rider includes the money you would pay your employees. So that when your business is rebuilt, you won't have to look for new employees because the people who work for and with you won't have to have had to find a new job to pay their bills.
To be clear: I know nothing more about the fire or the business than what's in the news; I am not commenting on the insurance in place at Industrial Wood Products. But I hope they had Business Income coverage so that the woman on the news and her coworkers won't spend the next few weeks trying to find a new job.
www.farmersagent.com/dgragg
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