Business Umbrella

Every individual and business has different needs when it comes to an overall insurance coverage plan, and this is particularly so with liability insurance.  Some insurance products are an absolute necessity and others just make good financial sense.  An umbrella insurance policy adds a protective layer to insurance coverage that you may already have, and which is required because of laws in your state, your mortgage or loan agreement, or some contractual obligation.

 

Liability insurance protects you from claims of negligence.  These claims could be for damages from bodily injury, property damage or even from personal injuries such as libel, slander and defamation claims.  While your auto, homeowners or commercial policy may already provide protection for these types of claims, you must ask yourself whether the coverage you have in place is enough to protect you properly from these types of claims.  If you are unsure, an umbrella policy is an affordable way to provide protection.
If your liability limits concern you, but the high cost of your auto insurance concerns as well, an umbrella may be an excellent solution.  The umbrella policy can provide another layer of coverage that offers protection to you in addition to your underlying auto policy.  This means that if you are in an accident and the injury and/or property damage claim exceeds your auto liability limits, your umbrella can pay for the additional damages to ensure that you assets are protected.
As with an auto policy, your umbrella can also provide you with additional protection if someone is injured due to your negligence.  While a homeowner’s policy does not afford coverage for claims related to your automobile, it does protect you from claims for injuries due to a slip and fall on your property, or if you are negligent in some other, way that causes injury or damage to others.
If you own a business, chances are that you have to face risks associated with the ownership and operation of your business, which could include the operation of commercial vehicles.  As with personal lines auto and homeowners coverage, a business can purchase an umbrella liability policy as will to add another layer of protection.

Whatever risks you face from liability claims or negligence, an umbrella policy should be an important component of your risk management plan.  Talk to a professional agent today for solid advice on the best umbrella products for you.

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