The Importance of Business Interruption Insurance During the Hurricane Season

As a coastal state, Texas is no stranger to the dangers of hurricanes, floods, winds, and damage. Hurricane Hanna, though a category 1, took a toll on many homes and businesses in Texas, primarily in the Rio Grande Valley, in late July. As we’re in the middle of hurricane season, there’s a possibility that another large storm can hit us. It’s important for you to protect your business with adequate coverage to allow it to recover if disaster strikes again. 

For Your Peace of Mind

Hurricanes can develop and strike within a matter of days, which leaves you with little time to prepare. It’s so important to insure your business ahead of time. Ask yourself, “What would happen if my business couldn’t operate for days or even weeks?” You’d, of course, lose money, and in a worst-case scenario, you’d have to close your doors for good!

While business insurance covers the cost of physical damage to structures, equipment, inventories, and metal goods, you’ll need business interruption insurance to reimburse your lost revenues. This coverage is typically a rider on a property or business owner’s policy. Getting it is simple. All you have to do is document your current net income and the types of interruptions you’d like to insure.

Getting the Right Coverage and Being Proactive

With business interruption insurance, you’ll need to determine how your company would be affected by a catastrophic event like a hurricane. This means the costs you’d incur such as taxes, loans, etc. despite not being operational. Evaluating these circumstances will help you determine the amount of coverage you’ll need. Remember that some things are invaluable and cannot be easily replaced. If you have important documents or irreplaceable data, you’ll need to duplicate and store them away from dangers.

Count on Our McAllen Insurance Agency

At Shepard Walton King, we know the value of a business and understand how much yours means to you. Take care of what you’ve built with the help of our McAllen insurance agents today. Contact us for more information about what we can do for you.

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