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Thread: Advice on the insurance product that can protect my income from interruption

  1. #1
    New User Level 0
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    Dec 2018
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    Default Advice on the insurance product that can protect my income from interruption

    I am a small dairy shop owner, who is earning a decent living, and I am really happy with the same. I am looking forward, to understand the most suitable business interruption insurance, for my requirement. I have really never thought about the same until my buddy's laundromat got fire due to a short circuit. The laundromat was the only source of his income for him and his family and I could relate to his pain, as I do have a similar situation in my hand. I really felt bad for his family and I am looking to raise some money for this family. After this incident, I thought to my self, what could I do, if this happened in my store, as this is the only source of income for me and my family. I was devastated by the mere thought of this and this started to give me a sleepless night. I was talking about the incident to my friends about it, during my recent get-together- party and we all shared similar concerns and then it is when an Idea came about, that why couldn't we insure our shops against this uncertainty. On the basis of that conversation, I have booked an appointment with an insurance service provider in Oshawa, hoping to know about the options I have. I did a small research about the same, I have narrowed down to business interruption business, equipment breakdown, or contents and inventory business. I couldn't narrow down any further, hence I want your help, I need you to narrow down it for me. Thanks.


  2. Last edited by Madison; 12-15-2018 at 09:46 PM.

  3. #2
    Senior Member Level 1 DavidBlock's Avatar
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    Well, this is quite the missive and why you provided a link to an insurance agency is quite suspicious but I will provide some needed information here just in case someone else reviews this thread. Business interruption is a critical aspect for your in the event of a property and casualty event. I would urge you to speak with several independent agents to obtain information as to what coverages they recommend; regardless of the carrier they choose. Tell them this is an information gathering process and whichever agency provides the most detail and explanation is the agency I would select. Im my opinion, you always want to work with an independent broker/agent/agency as they usually do not have quotas to meet with any particular carrier and can provide you the best quotes at the best price (please note, I did say usually).

    In addition to the casualty event, as a business owner, I would urge you to also consider key person life and disability as well as personal life and disability. If something happened to you and you were disabled or died, how would your family survive anyway? It appears that without you, there is no business. So, if that is the case, these insurances are as vital as what you describe above.

    Again, when you seek the advice for life and disability insurance, I would also recommend an independent broker who can share with you various alternatives. No matter, please remember that cost is only an issue in the absence of value; the value must be quantifiable.
    David M. Block, CLTC
    President
    Insurance Specialties, Inc.
    PO Box 1809
    Candler, NC 28715-1809
    800.358.8844 toll free
    828-667-1119 local
    828-667-2229 local fax
    www.insurance-specialties.com

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