Commercial Umbrella Insurance: The Missing Piece of Your Business Coverage?
If you own a small business, you might occasionally wonder if your existing insurance coverages are enough to protect you against a liability claim fully. Maybe you feel like something's missing—almost like you've forgotten something. Perhaps you sometimes worry about it. If your business was judged legally liable for an accident on your premises and ordered to pay, would your general liability insurance be enough? If you don't carry commercial umbrella insurance, you're right to worry.
An Inconvenient Truth About General Liability Insurance
The simple truth is this: If a customer or even an employee suffered a significant injury on your premises and you were judged legally liable, your existing coverages could become depleted in the ensuing payout. If you run out of coverage, but still owe a significant portion on the judgment, who pays the rest? You do.
Umbrella Liability Insurance: Extra Coverage When Accidents Happen
Carrying general liability insurance is a responsible move, but every business needs coverages above and beyond basic policies. That's where umbrella insurance comes in.
Umbrella liability insurance protects you when accidents happen, and your existing liability insurance policies cannot cover all expenses.
In most situations, standard business liability coverage will take care of you. But when serious situations arise, umbrella liability insurance will help ensure that your business is protected. While no one wants accidents to happen, they do—and people sue over them; it's just an unfortunate fact of life.