How Business Interruption Insurance Can Save Your Business After A Natural Disaster

Did you know that a full one-quarter of companies that are shut down by a catastrophic disaster for more than a month never open their doors again? And, even when they can afford the costs associated with recovering their business, they often can’t regain customers quickly enough after they reopen to remain viable? 

If your organization suffers a temporary shutdown due to a major disaster, a Business Interruption and Extra Expense insurance policy (known also as Business Income insurance) through Paragon Independent Insurance Agency can protect your Plano, TX business from financial losses and expenses. 

What Does Business Interruption Insurance Cover? 

Your business interruption policy can keep your business running by paying: 

  • Income your organization would have made if it hadn’t been damaged 
  • Bills that are due even though you are closed 
  • Expenses related to keeping your business open after a catastrophe, such as having to rent equipment to substitute for equipment that was lost 
  • Costs associated with the use of a temporary location 
  • Recovery-related income deficiencies after you reopen 

You can also opt for comprehensive coverage for loss of utility service, supply chain interruptions, equipment breakdown, and electrical breakdown, to name a few. Your policy can cover business income in the event a dependent property or anchor store closes its doors due to a loss, causing your revenue to suffer. 

Our Goal Is to Help Your Business Keep Its Doors Open 

Paragon Independent Insurance Agency provides Plano, TX business owners with insurance to protect your company from financial problems caused by income losses and recovery expenses. We work with numerous insurance carrier partners to offer a broad range of insurance policies and enhancements to protect your business from financial problems due to lost income and the expenses of recovery. Give us a call today to find out how to protect your business in the event of a disaster.

Things to Consider When Insuring a Home in Texas

Texas is big. Everything in Texas seems bigger. Unfortunately, this also now includes bigger and more severe weather due to climate change. It is a good time to get a home insurance review with your agent at Paragon Independent Insurance Agency, serving Plano, TX and the nearby towns, to make sure you have adequate insurance.

Thunderstorms and Lightning

The rock band Queen’s lyrics in the song Bohemian Rhapsody say that “thunderstorms and lightning, are very, very frightening to me.” It is frightening to have a lightning strike nearby. You may be driving down the highway and see a lightning strike in a field. It may hit a telephone pole or even strike your car. The bright flash is accompanied by a huge deafening boom.

If your home gets a direct hit, the huge surge of power can run through any metal, water, and wiring to reach anywhere inside the home. Electronics, computers, and home appliances can easily be destroyed.

Hail

Hail is ice particles that form at a high altitude. When they become too heavy for the updraft they fall to the earth. What’s a little ice? If hail is the size of a pea, and it is falling at terminal velocity, it is like a bullet. If it is the size of a golf ball, a tennis ball, or a baseball it is like getting hit by cannon fire. 

The other weird thing about hail is that it does not just fall straight down. Depending on the wind direction and the wind speed, it can fly around in almost any direction. It can come down, change direction in the wind, and fly through the windows.

Anything made of glass, such as windows, sliding doors, and skylights, is very vulnerable to hail damage. Larger pieces of hail are capable of smashing through the roof of a house.

High Winds and Tornadoes

Take a look outside. If there are well-established, tall trees they can be uprooted and fall on your house. Your roof may blow off. If the winds are high enough or if a tornado comes, your house may be torn apart or blown away.

Summary

These are just a few of the special things to consider about Texas when thinking about getting a new home insurance policy or for a review of any existing policy. Contact your agent at Paragon Independent Insurance Agency in Plano, TX to get an insurance review and a quote.