What does Dual-Basis Payroll Insurance mean? Read on to discover the definition & meaning of the term Dual-Basis Payroll Insurance - to help you better understand the language used in insurance policies.
Dual-Basis Payroll Insurance
Type of business interruption insurance policy that allows the insured to cover its payroll on both full and partial basis. For example, 100 percent of the payroll is covered for, say, 3 months and then the cover drops to, say, 33 percent of the payroll. This arrangement allows the insured to layoff the redundant staff but retain the key employees until the business recovers.
We hope the you have a better understanding of the meaning of Dual-Basis Payroll Insurance.