FRIDAY, AUGUST 14, 2015
As a business owner, you may not be well-versed in insurance topics. Additionally, your business operations may keep you too busy, preventing you from analyzing the legal ramifications of liabilities within your industry. The truth is, many businesses are being sued on a regular basis nowadays. Injuries and associated court settlements can easily exceed a million dollars, depending on the circumstances. All too often, a basic general liability insurance policy may not cover all the expenses associated with being sued. Fortunately, you can double (or multiply by more!) your financial protection by adding umbrella insurance to your existing insurance portfolio.
How Umbrella Insurance Protects Your Business
Simple enough, umbrella insurance provides your business with extra liability coverage beyond that of a general liability insurance policy. From car accidents to injuries that happen on your property, umbrella insurance may help you cover the costs associated with the loss. Although most people use their umbrella insurance for auto accidents, it is a handy insurance tool for many other types of liability issues. You may be able to use your umbrella insurance policy for the following:
Umbrella insurance goes beyond the financial limits imposed by general liability insurance. With the protection of an umbrella insurance policy, you don’t place your business in financial jeopardy. You can simply file a claim on the policy and leave your business revenues alone.
- Car accidents
- Bodily injury claims
- Court costs
How Much Umbrella Insurance Is Enough?
For most business owners, determining how much insurance is enough is challenging. However, the process doesn't have to be tough. Typically, umbrella insurance is purchased in million dollar increments. So, by assessing your needs, you can easily determine the level of coverage that is appropriate for your business. Take the following steps to get an estimate of the amount that is best for your business:
Armed with this information, you and your licensed insurance agent will be able to determine what umbrella policy will work for your business.
- Analyze all the risks your business faces and assign a monetary value.
- Estimate the value of your business assets.
- Consider how much liability insurance you already have.
- Calculate how a lawsuit would affect business income.
- Take this information to an insurance agent for advice about coverage options.
The best way to protect your business is by being prepared for the unexpected. Although you may not have a lot of information about how to protect your business using insurance, your insurance agent is a reliable partner when you need answers about insurance products.
Get the coverage you need. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Oak Lawn umbrella insurance.
Post a Comment
Required (Not Displayed)
All comments are moderated and stripped of HTML.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.