Are my employee's going to be paid if I have a fire?

How do you protect your employees jobs after a disaster has hit your business? What is the insurance answer?

If you carry a form of "business interruption" coverage that includes full payroll coverage you would have the necessary funds. An example is when a retailer finds his business premises fully engulfed by fire. His employees will be paid until the business is back up and running because he has this coverage.

Payroll coverage is usually limited to 90 days. Your employees will not be looking for a new job so you will not have large retraining costs. Your business will relocate or reopen and you will have your trained staff to provide the necessary duties to create income for the business.

The question is, do you think that the risk is high enough to pay the necessary premiums? Do look at the staff you have and what it would take to replace them. Consider your alternatives. Insurance is one of the answers.

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