Is your company prepared for a power outage? When there’s a blackout, you could lose income and assets. Although power outages can derail your business’s operations, they aren’t normally covered under a business owner’s policy. Instead, you need insurance coverage for power outage losses. How can you protect your business from an outage loss?
Power Outage Losses
When it comes to a power outage, you could suffer the following losses:
- Spoiled food
- Loss of income
- Business interruption
For companies that sell food, a power outage can be devastating. Also, you may have to close throughout the duration of the power outage. This could result in a loss of income and serious interruptions to your daily business.
Power Outage Loss Mitigation
To try to mitigate the losses from a power outage, you need to have appropriate coverage. Power outage coverage is for any losses that occur due to a blackout. Most other insurance plans do not carry this type of coverage. Additionally, it would help if you always had backup generators or a plan for when you lose power.
When there is a power outage, it helps to have a backup plan. If you have a refrigerator or if any of your assets require temperature control, then you should have a generator to ensure that those items remain at the right temperature. Insurance coverage, along with risk mitigation, can save your business.