Business income insurance
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.
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.
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.