Your customers are one of the most valuable parts of your business. Keeping your customers means keeping them happy even when things go wrong. A group of special coverages, designed to help you continue your customer relationships, are automatically included in the WIP® COP. "Extra expense" coverage reimburses you if you must spend money quickly to maintain quality of service or get back in business following a covered loss. A "safety-net" of coverages helps bridge the gap as you recover from a loss. Loss of a major supplier or major customer can hurt too.
Business Income and Extra Expense: Business Incomes coverage protects your income when you have a covered loss. Extra Expense coverage protects you when you must spend money quickly to maintain quality service or get back in business because of a covered loss. The WIP® COP automatically includes combined Business Income and Extra Expense coverage. To establish appropriate limits for your business, it is wise to consult your insurance representative. Higher limits are available for loss of income or extra expense, separately or combined.
Blanket Business Income and Extra Expense: Blanket coverage is provided on an account-wide basis.
Business Safety Net: Your customers may not all come back right away after your business recovers from loss. Although you’ve restored your business, you may not be able to immediately restore all of your income. The WIP® COP picks up the difference between what your income was before the loss and what it is after the loss. This protection lasts for 90 days, giving you an extra measure of safety.
Customers and Suppliers: You can be dependent on a major customer or supplier. If your customer cannot buy from you or your supplier cannot provide products to you due to a covered loss, the plan reimburses you for loss of income and extra expense. Coverage is provided until their business is restored, not to exceed 12 month, for up to $100,000.
Damaged in Transit: This coverage pays for loss of income and extra expenses associated with replacing the property that was damaged in transit and helps you meet your commitment for its arrival. The property itself is covered under the property section under Property in Transit.
Off-Premises Power Interruption: The plan pays for your loss of income and extra expense due to the interruption of water, communication, or power supply services by a covered loss. A limit of $10,000 is automatically provided.
