Oliver owns a successful landscaping business in a thriving suburban area. His company has built a strong reputation for its exceptional landscaping services and attention to detail. However, one unfortunate day, a group of teenagers broke into his equipment storage, stole several tools, and severely damaged other essential equipment.
As a responsible business owner, Oliver had taken the necessary precautions and had a business owners policy, including Business Interruption Coverage. Recognizing the importance of reporting the incident promptly, Oliver contacted his insurance provider to initiate the claims process and seek assistance.
This claim not only covered the cost of repairing or replacing the damaged equipment but also compensated Oliver for the loss of income during the business's temporary closure. Additionally, it covered expenses incurred due to the business disruption, leasing replacement equipment and communication efforts to inform clients about the temporary closure.
Without the protection of a business owner policy, Oliver would have been solely responsible for covering these expenses, which could have placed a significant financial burden on his landscaping business.
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For more information, contact the Victor Small Business team at info.smallbusiness@victorinsurance.com.
* The claims scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.
