Do I Need Texas Business Interruption Insurance?
Texas business interruption insurance should be considered to be as important to your insurance portfolio 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. But too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that they were temporarily unusable. Business interruption coverage is not sold separately. It is added to a property insurance policy or included in a package policy.
What Does Texas Business Interruption Insurance Cover?
If a covered loss forces your business to shut down, business interruption insurance is designed to cover your operating expenses, like:
- Revenue you’d normally make if your business was open.
- Mortgage, rent, and lease payments for space where your business is located.
- Loan payments that you need to make during that time.
- Taxes, whether you pay them monthly or quarterly.
- Payroll for your employees.
- Relocation costs if you have to move to a new or temporary location because of physical damages.