ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Business Income and Extra Expense insurance (BIEE) provides coverage when your business shuts down temporarily due to a fire or other covered loss. It helps replace your income and covered expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced.

Detailed explanation-2: -If your company has to vacate its premises because of a disaster-related damage, we protect your loss of income. The policy also covers operating expenses, like electricity, that continue even after your business is interrupted.

Detailed explanation-3: -Business interruption insurance covers the cost of rental and lease payments while your business isn’t making money. Example: A fire damages an electronics store, making it impossible for the business to serve customers. While the business is closed for renovations, it still needs to make rental payments on the store.

Detailed explanation-4: -There are three main types of business interruption cover: loss of gross profit, loss of gross revenue and increased cost of working.

Detailed explanation-5: -Liability insurance is a policy that offers protection to businesses and individuals from risk that they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal payouts and costs for which the policyholder is deemed to be responsible.