Even with prudent planning, it’s hard to fully protect your business from all possible risks. This is where umbrella insurance policies can close the gap and increase your protection. In the event that your existing insurance coverage doesn’t cover all of the expenses, the additional expenses can be devastating for a business. While standard business liability coverage and other policies may help you in the majority of situations, they don’t protect you against all serious circumstances. Commercial umbrella insurance, however, does give you peace of mind that you been protected in a whole range of scenarios.
An umbrella business policy can help to pick up where your other policies have stopped. Unfortunately, without umbrella insurance, businesses can be financially destroyed by just one massive jury award for damages. While many business owners never expect that they will experience a loss exceeding the limits of the coverage, it happens all too often. Umbrella insurance can help provide protection against company mistakes, injuries, or accidents that can otherwise expose a business to major financial risk.
All businesses are exposed to this kind of risk regardless of their size. One unforeseen event can result in a catastrophic claim if a customer or other individual is seriously injured on your premises. You might be surprised to learn that in larger cases people sustain critical injuries, your business liability insurance may not cover everything. That’s where you need business umbrella coverage to go above and beyond the limits of basic business liability insurance to handle these unfortunate situations. Without this coverage, even a small business owner may be at risk of the court seizing any business assets or allocating your future earnings in order to pay for a judgment against you.
Don’t make the mistake of assuming that if you have limited assets you will be protected from a major judgment. You need a business umbrella insurance policy to provide you with comprehensive liability protection. Underestimating the impact of even one serious injury or accident on your premises can cost you the livelihood and business that you have worked so hard to develop. Regardless of your company size, you need to have umbrella insurance liability protection that is designed to cover you as you grow. To learn more about your umbrella insurance liability options, contact an insurance professional directly to get a quote. It’s never too early to insure your risks across the board with an umbrella liability insurance policy.