Here’s why you should consider getting umbrella insurance for your business.
While you probably already have standard insurance protections in place for your business, this doesn’t necessarily mean that your business is safe. In fact, there’s a large possibility that there are gaps in your commercial coverage. If you are concerned about these gaps, consider investing in a commercial umbrella insurance policy. Here’s what this type of insurance can do for you.
What is it?
Commercial umbrella insurance provides excess liability insurance for businesses that might not have enough coverage to handle particularly extensive claims. If your business is hit with a large liability claim and your standard coverage is not enough to handle it, umbrella insurance will kick in and handle the rest of the claim.
What does it cover?
As mentioned above, commercial umbrella insurance offers an extra layer of liability coverage for your business. For example, imagine that a customer injures himself or herself while on your business’s property. In this case, your business will likely face a major liability claim. If the cost of the claim exceeds the coverage limits on your standard commercial liability policy, your umbrella insurance will kick in and provide the additional liability coverage your business needs.
Do I need it?
Commercial umbrella insurance is not a mandatory coverage, but having this type of insurance definitely has its benefits. For instance, having an umbrella policy is one of the best ways to address the coverage gaps in your standard insurance policies. If you want to get your business the comprehensive coverage that it deserves, you should definitely invest in commercial umbrella insurance.
This is how commercial umbrella insurance can benefit your business. Are you looking for the right insurance protections for your business? Turn to the professionals at Patterson & Associates in Richardson, Texas. Our dedicated team is ready to assist you with all your insurance needs. Contacts us to get started today.