Business income coverage is not necessary for every business. However, if you decide to not purchase this coverage, it’s important to understand what you will not have coverage for in the case of a loss.
Business income provides reimbursement for lost revenue after a covered insurance loss. For a company that does not have a physical address that is crucial to its business, such as a contractor, business income is probably not necessary. For store front or main street businesses, like a coffee shop, business income is a must.