Umbrella insurance is a type of liability insurance that provides additional coverage beyond the limits of your standard insurance policies. While it’s not a requirement, having umbrella insurance can provide added protection for your business and peace of mind for you and your employees. Here are just a few of the benefits of umbrella insurance.
Increased Coverage Limits
The primary benefit of umbrella insurance is the increased coverage limits it provides. If you’re sued and your standard insurance policy doesn’t fully cover the damages, umbrella insurance can pick up the rest of the costs. This can protect your personal and business assets in the event of a lawsuit.
Coverage for Uninsured Claims
Umbrella insurance can also provide coverage for claims that may not be covered by your standard insurance policies. For example, some standard insurance policies may not cover defamation, libel, or slander claims. Umbrella insurance can fill in these gaps in coverage and provide peace of mind knowing you’re protected in the event of a lawsuit.
Affordable
Umbrella insurance is relatively inexpensive compared to the added protection it provides. The cost of umbrella insurance is determined by the amount of coverage you need, but even with high coverage limits, it is usually very affordable.
Peace of Mind
Knowing that you have the added protection of umbrella insurance can provide peace of mind for you and your employees. You’ll know that if a lawsuit occurs, you’ll have the financial support you need to cover the damages.
In conclusion, umbrella insurance is a smart investment for any business owner. It provides increased coverage limits, coverage for uninsured claims, is affordable, and provides peace of mind. If you’re interested in learning more about umbrella insurance, contact your commercial insurance agency today.
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