Description

Few insurance products provoke as much fear or visceral reactions as business income protection (a.k.a. time element coverage). Without being overly convincing, business income concepts are actually simple to understand and explain. The reason such “fear” exists is because the coverage has long been shrouded in mystery and taught (and understood) incorrectly. Grasping and properly applying business income coverage requires little more than an understanding of time – because business income is almost entirely based on time. The amount of business income coverage and the coinsurance calculation are almost of secondary importance. In fact, determining the correct coinsurance percentage and coverage limit is the direct result of accurately estimating the time needed for a business to return to full operational capability. Contrary to popular belief, an intimate understanding of financial documents (income statements, balance sheets, etc.) is not necessary to construct a proper business income program. This session explores the key business income concepts necessary to conquer any fear of this most important coverage. Course #227933| 3 OGI | Instructor: Brian Ross