Owning a home business is a dream for many Americans. It generally allows for more flexibility, better work/life balance, and the option to work in your sweat pants if the mood strikes you. However, some home business owners also have difficulty understanding the insurance side of things because that line between home and work becomes a bit blurred when you have a home office. Depending on the size of your operation and what you do, it can be difficult to figure out what you actually need to do to be a legitimate business with effective insurance coverage.
The bottom line is that if you're operating a business out of your house, your homeowners insurance is not enough. It does not cover things like business liability and loss or damage of business records. It also does not cover you if your business is interrupted for some reason like a hurricane or blizzard. Luckily, business interruption coverage is a great add-on that can really save the day. Not every home business may need business interruption coverage, so it's important to do the math and figure out if a few days or weeks offline would be a financial disaster for you.
While business interruption coverage can make a huge difference in some situations, it can also be frustrating because it really only applies if your building was physically damaged. If a tree falls in your neighborhood and causes a power outage, you probably won't be able to file a claim, unless that tree fell directly on your house.
When you file a business interruption claim, you insurance company may try to do everything possible to not pay you. It's important that you document everything and contact a Texas insurance claim lawyer immediately. If you are confused about how to fight your denied claim, contact The Voss Law Firm, P.C. for a free consultation at 888-614-7730.
