Arkansas HVACR NewsMagazine September 2018

S tate, National, Chapter News State national Chapter News

After you have gotten all that done, there are still remaining variances that need to be addressed. I want to quickly touch on two other items to consider, Extended Period of Indemnity and Extra Expense. Extended Period of Indemnity can be vital to your business. Without it, Business Interruption coverage typically ends on the date the damaged property is repaired or replaced. Typically you are not ready at the time of physical repair. You may need additional time to reach the operation level of where you were before the Loss. The Extended Period of Indemnity endorsement provides you with an additional 30 days of coverage after you are up and running. Lastly, I want to touch on Extra Expense. Extra expense insurance reimburses for a reasonable sum of money spent over and above normal operating expenses during the restoration period. This insurance helps to avoid having to completely shut down during a loss. Usually, extra expenses will be paid if they help to decrease Business Interruption costs. This coverage can be bought in addition to Business Interruption or instead of

business interruption and in some cases would provide sufficient coverage, without Business Interruption. It is best to visit with your agent regarding all angles of your business and the coverages needed. You will want to design a coverage package that protects your livelihood and your future profitability. A good insurance agent will want to do the same for their insured. This coverage is so very important to your business, and one of the most crucial of coverages. I wanted to help by sharing this knowledge and coverage options. However if you still have any questions, feel free to check our website at iTrust Insurance Group , call me at 501-908-2395, or email at heath@insuranceitrust.com

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