Why small businesses should consider an umbrella policy.
Umbrella insurance may not always be the first thing you think of when buying insurance for your small business. However, as a small business owner, an umbrella insurance policy can be useful when the unexpected occurs.
What is Umbrella Insurance?
A commercial umbrella insurance policy is designed to extend the coverage of your current liability policies. This is useful when unexpected accidents occur that total more costs than what your policies provide coverage for. For example, if you experience an accident in the company-owned vehicle and the specific damage is not covered by your commercial auto insurance policy or the damage is more than what your coverage allows, your umbrella insurance may help protect you. Umbrella insurance extends coverage, covers gaps, and is an affordable secondary line of defense.
Umbrella Insurance Isn’t Just for Big Businesses
You don’t need to be a big business to benefit from umbrella insurance. Even if your business is just getting started, umbrella insurance can be useful! In fact, small businesses with limited or tight financial resources can benefit from securing this coverage. For example, if someone slips and falls in your store, umbrella insurance can help cover the medical costs if they are above your policy limits. Another scenario would be if your employee is working and accidentally hurts a customer or causes a lot of damage. Umbrella insurance may help cover you as well.