How well could your business function without the use of a key vehicle or piece of equipment? How much would it cost your business if that vehicle or equipment were rendered unavailable for use for several days, weeks or longer?
Vehicles and equipment that are damaged may be covered by your business owners policy, commercial property insurance, or business auto insurance. Such a policy will likely pay for repair costs or contribute to a replacement model. But that insurance will not automatically cover the lost income your business sustains due to delayed/cancelled jobs or the inability to secure new work.
Some commercial auto and equipment insurers offer coverage for the lost income through either an amendment to the insurance policy or through a separate policy. Such coverage may prove to be essential in helping your business avoid abrupt and costly hits to the bottom line. In some cases, it can be added to the policy you have; in others, you may need a separate coverage form. Talk to your agent or broker about the possibilities.
