When meeting with clients about Business Insurance, Umbrella Insurance questions usually come up. In most cases they are, why do I need it? Or how much is it? Sometimes it comes up when presenting a General Liability quote and people ask, is this enough coverage? I also hear, I already have an umbrella with my home and auto insurance company, so why do I need another one? This is a personal umbrella and does not take into account your business exposure.
Here are 3 reasons why you should consider that Umbrella
1.) It's never enough coverage
Typically when a liability claim hits, it's for something big. People often ask, is this enough coverage? That's a tough question. Truthfully, it's the million dollar question.
2.) Protect your assets
Picking up where I left off above when people ask, is this enough coverage? My next question is, what do your assets look like? Bottom line, any financial advisor will tell you to protect your assets at all costs. Umbrella can help with this in case of a liability loss.
3.) Peace of mind
If you are pondering whether or not you have enough liability coverage, chances are you probably need an Umbrella. Typical $1M liability limits aren't enough these days.
These are just a few reason why you should carry an Umbrella. Perhaps you just landed a contract and they are requiring Umbrella Insurance. Whatever the case may be, I would love to help. Give me a call or send me an email to discuss Umbrella options.
Commercial Insurance Agent
In order to protect your assets, every business should be covered by a Commercial Umbrella Insurance policy. Most small businesses could not cope financially if they were sued as a result of an accident or injury, and while a Businessowners Policy (BOP), or General Liability Policy, will provide some protection, it will not cover your business should you find yourself facing a law suit that exceeds your liability limits. Example, your General Liability Insurance limits might be $1,000,000, but what if you were sued for more?
It doesn't matter if your business is large or small; you need a policy that will cover you should your business find itself on the losing side of a legal case. If your business is sued for damages, a commercial umbrella policy would help cover the cost of damages, and it would mean that your business would not be at risk if the worst should happen.
What is commercial umbrella insurance?
A commercial umbrella insurance policy is also known as an excess liability insurance. This type of insurance will act to supplement your other insurance policies. For instance, if you were to be found liable for a million dollar settlement, and your insurance policies only covered half of that, then the umbrella insurance policy would cover the rest. A commercial umbrella insurance policy, or excess liability insurance, will protect your business in the event of an accident or injury. By having commercial umbrella insurance in place, your business assets are protected.
A risk your business can’t afford
An umbrella insurance policy is affordable; it is a policy that your business needs in this day and age. Every day people are bombarded with advertisements urging consumers to take action if they have been injured in some way, and many people have adopted the “where there is blame, there is a claim” mentality, which means your business needs to be covered for this eventuality.
As far as cost, it really depends on the type of business. In some cases a $1,000,000 Umbrella Policy can be as low as $450 per year. If you have any other questions about this coverage, or other types of Business Insurance, please feel free to contact us.
Business Insurance Agent