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29 May, 16:05

Choose a business and describe examples of situations where the business might need business income insurance

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  1. 29 May, 16:52
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    A production plant of shirts in Japan.

    Explanation:

    The business income insurance is demanded when a disaster occurs and the business is damaged because of it. Let's suppose that an earthquake destroyed a production plant of shirts in Japan but we insured some of the activities in the plant as follows:

    Profit insurance: the profits received if the earthquake would not have destroyed the production plant. Temporary location: due to the earthquake the insurance covers the expenditures of moving the plant to a safer location. Unexpected expenditures: for reparations of damaged machinery.
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