Business income and business interruption are commonly used for the same coverage concept. The key word is covered: the NAIC describes this coverage as following a covered event that causes property damage. A closure by itself does not establish the property-policy trigger, waiting period, or amount of covered income loss.
Business income insurance
Definition
Business income insurance, also called business interruption insurance, is coverage for qualifying income loss and continuing expenses during a suspension of operations caused by a covered property event. The trigger and time period come from the policy.
Sources
- Primary source: NAIC — Business interruption and business owner policy — Regulator association explanation that business interruption addresses losses from suspended operations after a covered event causing property damage.