Being properly insured is a must for any business owner. Small business owners are no exception. No business is too big or too small to need good coverage.
Having an umbrella policy is a necessary part of that good coverage. It protects your business and your assets from personality liability. Read on for four important reasons why you should consider umbrella insurance for your small business.
1. It expands your coverage limits.
If, for example, 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.
2. It may cover things your general liability insurance does not.
Umbrella insurance policies often cover a broader range of activities and potential accidents than your general liability insurance will cover. For instance, if your general liability policy is limited to work done in a particular geographic area, your umbrella policy might cover a broader area.
3. It’s affordable.
Umbrella insurance pays for it self. Some umbrella insurance policies run as little as $1 a day. That’s a whole lot of extra coverage for a low cost.
4. It protects your assets.
Without umbrella insurance, you may be held liable when your regular liability insurance ends. If an accident happens that isn’t fully covered and you don’t have umbrella insurance you may have to sell off your business and personal assets to cover your liability. As a small business owner, that’s something you simple can’t afford to do. Protect your business and your assets with umbrella insurance.
Umbrella insurance is truly a rainy day policy, protecting you when you need it. If you would to like to discuss your options for small business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.