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Construction glossary
Construction Glossary •

Business Interruption Insurance

What is Business Interruption Insurance?

Business Interruption Insurance, specific to the construction industry, is a critical coverage type that helps cover the loss of income suffered by a construction business when its operations are halted due to an unforeseen disaster, such as fires, floods, or other significant damages. This insurance can compensate for expenses like paying staff, renting alternative spaces, and even projected profit loss. For instance, if a storm damages a construction site, delaying work, the insurance will provide funds till normal operations can resume. It assists in ensuring the business continues surviving financially during the restoration period, adding a safety net for unpredictable circumstances. Given the nature of the construction industry, which is fraught with various perils, this insurance is of utmost importance.

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Other construction terms

Payroll

What is Payroll?

Payroll, in the context of the construction industry, refers to the process by which a company pays its employees for their services performed within a specified pay period. It involves determining ea...
Liabilities

What are Liabilities?

In the construction industry, liabilities refer to the financial obligations the company owes to external entities, often as a result of past transactions or activities. These include payments to supp...
Submittal

What is a Submittal?

A submittal in the construction industry refers to the documents or materials that contractors present to architects and engineers for approval during the course of a project. The submittal process en...

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