My Business Income from Chubb provides a consistent methodology for computing business income/extra expense limits through an easy, four-step process. It is available free to all businesses at www.chubb.com/mybi.
"Too many businesses underestimate the amount of business income/extra expense insurance they need," said Paul Lewis, senior vice president of Chubb & Son and worldwide property, machinery and marine manager for Chubb Commercial Insurance. "Our online tool is designed to take the frustration out of calculating the amount of business income or extra expense insurance they should purchase."
Following a covered loss, business income/extra expense insurance is designed to pay net profit (or loss), continuing expenses and extra expenses until operations are restored. "Business income/extra expense insurance helps businesses reestablish themselves after a crisis with a minimum impact on the income they normally generate," said Lewis. "Having the right amount of insurance is critical to making sure businesses can survive an emergency, the loss of operations and the loss of income."
Lewis said that in addition to purchasing business income and extra expense insurance, businesses should have a disaster recovery and business continuity plan that is up to date and tested regularly. Businesses that complete My Business Income Consultation also can order a free copy of Chubb's Business Recovery Planning Guide on CD-ROM.