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Business Insurance

US: A policy which primarily provides coverage of benefits to a business as contrasted to an individual. It is issued to indemnify a business for the loss of services of a key employee or a partner who becomes disabled.
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MEDICAL,USA: Insurance that insures the business rather than an individual person.
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Insurance written for businesses. Can refer to health insurance or life insurance written for the principals of a company.
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Policies written for business purposes, such as key employee, sole proprietorship, partnership and corporation.

Business Interruption Insurance

Business Interruption insurance for a business owner against losses resulting from stoppage of business because of fire or other insured peril. The insurance provides reimbursement for lost net profits which would been earned during the period of interruption and necessary standing expenses such as salaries, taxes, rents and other necessary continuing expenses during this shutdown within the limits of the Policy.
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MEDICAL,USA: Insurance policy that covers a business owner from losses during a time when the business is not operating due to fire or other peril. The insurance provides reimbursement for salaries, taxes, rent, necessary continuing expenses, and net profits that the business would have earned during the interrupted period.
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US: Protection for a business owner against losses resulting from a temporary shutdown because of fire or other insured peril. The insurance provides reimbursement for lost net profits and necessary continuing expenses.

Business Interruption Insurance Covers

loss of gross profit following reduced turnover resulting from, and occurring after, insured property damage. The gross profit indemnity enables the business to pay its standing charges, including payroll, and recover its net profit during the indemnity period, the period selected as being the time needed to restore normal trading levels. Specified working expenses are not at risk and are therefore deducted from turnover before arriving at the gross profit, the item to be insured. The policy also covers increased cost of working, e.g. renting alternative premises, subject to the cost not exceeding the amount of loss thereby avoided. Additional increased cost of working can be insured. The policy may extend to interruptions caused by damage at the premises to customers or suppliers, or resulting from loss of attractions, murder, suicide, food poisoning or infectious/contagious diseases. See AUDITORS’ CHARGES; SPECIAL CIRCUMSTANCES CLAUSE; CUSTOMERS’ EXTENSION; MATERIAL DAMAGE PROVISO; SUPPLIERS’ EXTENSION.

Business Interruption, Contingent

Temporary shutdown of an organization because of damage to another organization which is a major supplier or customer. For instance, if an organization sells all of its products to one customer, and that customer suffers a Fire which prevents it from using these products, then the supplier has suffered a contingent business interruption loss.

Business judgment rule

Refers to one of the primary defenses to a claim against directors and officers for breach of fiduciary duty. The defense generally bars judicial inquiry into conduct of disinterested directors and officers who act on an informed basis, in good faith and in the honest belief that the action taken was in the best interest of the company. In essence, this defense provides that courts should not examine the quality of the directors’ business decisions, but only the procedures followed in reaching that decision.