Business Income (Actual Loss Sustained)
Coverage for lost income and continuing expenses when covered damage forces a firm to slow down or close for a time.
What it means for your firm
On a business owners policy it usually follows physical damage, such as a fire at the office. On a cyber policy it follows a cyber event.
Actual loss sustained means the policy pays the income actually lost and normal operating expenses that continue, for a set period such as 12 consecutive months, rather than up to a fixed dollar limit.
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
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