business income coverage (BIC)
Business income coverage (BIC) is commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations.
Additional Information
Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), BIC forms: the Business Income (and Extra Expense) Coverage Form (CP 00 30) and the Business Income (without Extra Expense) Coverage Form (CP 00 32).
Synonyms
business interruption coverage
