Business Interruption Insurance in TexasBusiness interruption insurance can be as vital to your survival as a business as fire insurance. Most people would never consider opening a business without buying insurance to cover damage due to fire and windstorms. Too often small business owners don’t think about how they would manage if a fire or other disaster damaged their business premises to the point of being temporarily unusable. Business interruption coverage is not sold separately. It is added to a property insurance policy or included in a package policy.

A business that has to close down completely while the premises are being repaired runs the risk of losing out to competitors. A quick resumption of business after a disaster is essential.

If a major event or disaster occurs, sometimes your business cannot operate or will be forced to operate below full capacity. Not only will this result in a loss in profit, but you will still have to pay regular costs like rent, salaries and utilities. In some cases, renovation and re-building work may even have to be done before your business is back to normal.

Business interruption insurance helps pay ongoing costs while you rebuild. It can help you retain key staff during an interruption, and can cover you if there’s an increased cost involved in resuming your business operations at an alternative location.

Business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire. Business interruption insurance covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.

Make sure the policy limits are sufficient to cover your company for more than a few days. After a major disaster, it can take more time than you may think to get the business back on track. There is generally a 48-hour waiting period before business interruption coverage kicks in.

It’s impossible to predict the future, but if you make sure you have the right coverage to protect your business against interruption and loss, you can ensure that your business has a safe and secure future.

Insurance Gifts that need insurance coverage in TexasWith holiday season just around the corner, give some thought to things you may need to add to your personal insurance coverage. Whether you know in advance what that might be or receive a gift that’s a surprise, it’s best to be prepared.

Following is a helpful mind-jogger if you’re not sure about coverage for certain items:

  • ATV’s, motorcycles, boats, and RV’s are not covered for damage or liability without an endorsement to your personal insurance
  • An expensive ring, watch, or other item needs to be insured separately for loss and theft.
  • Drones are considered aircraft and there are many new laws that could impact your personal liability. Call your independent agent to review these issues.
  • If you are buying a new car for a family member, you will need to add it to your auto insurance policy.
  • Smart home technology systems may actually help reduce your homeowner’s insurance, especially if the technology includes alarm systems.
  • Guns, art and antiques may also need to be added to your policy if they are valued over a certain amount. Each policy is different, so call your independent insurance agent to be certain.

If you added any other personal items of value you may want to review your personal property limits to make sure you are covered correctly. For most consumers, a home is the largest investment they will ever make. You worked hard for your house, and you should have a comprehensive plan that will give you peace of mind. Your home also has a lot of intrinsic personal value, which is why you need personal insurance protection that works best for you and your family.