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Umbrella Insurance for Small Businesses

As a responsible business owner, you likely have all the standard insurance policies that you think your business needs – property, liability, auto and so on. Obviously, you'll be covered when something goes wrong, right? Not necessarily. Due to liability limits, your insurance policies will likely only cover you up to a certain amount. If the costs related to your case exceed those limits, your business could be in serious financial trouble. Fortunately, umbrella insurance can pick up the slack and provide additional liability coverage.

About Umbrella Insurance

As a smart business owner, you know how much an accident or litigation can cost your business. That is why you've done your due diligence and taken out insurance to help protect your business against various risks, including personal injury, property damage, and auto. Chances are, however, that your insurance policies come with liability limits. When those limits are exceeded you could find yourself footing the bill out of your own pocket. That's where umbrella insurance comes in.

What Does Umbrella Insurance Cover?

Umbrella insurance picks up where your standard insurance coverage falls short. You can think of umbrella insurance less as a standalone insurance product and more as a way of giving your existing coverage an extra boost. With umbrella insurance, you can have additional liability limits to protect your business. Umbrella insurance typically provides extra liability coverage for:

  • Bodily injury
  • Property damage
  • Other types of litigation, such as libel and slander

Increasing Liability Limits

The best reason to have umbrella insurance is because the cost of litigation is so high. Your current coverage may sound like it has a high limit, but when you find yourself on the losing end of a lawsuit, you could quickly learn how inadequate that coverage may be.

For example, say that you run a small shop and one of your customers slips and falls because the walkway leading to your entrance wasn't properly cleared of ice. Your current insurance policy covers you for injuries to third parties up to $1,000,000, which sounds like a lot of money. However, the injured customer may claim that they took a particularly hard fall and will now need hip and knee replacement surgery. In addition, their fingers were so severely injured that they can no longer earn a high level of income in their current occupation as a physical therapist. As a result, the judge in the case could rule that you need to pay the injured customer $1,500,000 in compensation. While your insurance may cover you for the first $1,000,000, you could be left to figure out how to pay for the remaining $500,000, which is a significant sum for many small business owners.

That's why umbrella insurance is so important. It provides a boost to your existing insurance coverage so that if a lawsuit goes against you and you are facing a substantial bill, you know that extra protection may be there.

How Do I Get Umbrella Insurance?

Umbrella insurance is easy to apply for. Simply complete the form at the top of this page, and a friendly representative from AmVenture Insurance Agency, Inc. will be in touch with you shortly. Our representatives will assess your business and show you how umbrella insurance can offer extra coverage to help keep your business safe. When it comes to finding an umbrella insurance product for your business, AmVenture's experience building bespoke insurance solutions can help you design a product that fits.

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