Do Small Businesses Really Need Umbrella Insurance?

Do Small Businesses Really Need Umbrella Insurance?

How small businesses can benefit from umbrella insurance.

Being adequately insured is a must for any business owner. Small business owners are no exception. No business is too big or too small to need reliable and quality coverage. Some small businesses mistakenly believe that their business does not have enough risks to justify the need for a commercial umbrella policy. Read on for important reasons why you should consider umbrella insurance for your small business.

It expands your coverage limits.

An umbrella policy is designed to pick up costs when your current policies have been exhausted. If your liability insurance offers you $1 million per incident and $2 million total, having a $2 million umbrella insurance policy could expand those limits to $3 million per occurrence and $4 million total. In this litigious society, it is well worth having adequate coverage.

An umbrella helps you out in areas where you’re not covered.

Umbrella insurance can also provide protection for claims that aren’t included in any of your current policies. For example, if your general liability policy is limited to work done in a particular geographic area, your umbrella policy might cover a broader area.

It protects your assets.

Without umbrella insurance, you may be held liable when your liability insurance ends. If an accident happens that isn’t fully covered and you don’t have an umbrella policy, you may have to sell your business and personal assets to cover the claim costs. As a small business owner, that’s something you can’t afford to do.

Ready to get started on your commercial umbrella policy? Contact Bell Black Insurance.  Serving Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming; we are ready to get you covered today.