You’ve invested your life in making your business run like clockwork — all the right employees, the right customers, everything seems great. Learning about umbrella insurance for your business is the next logical step after you’ve secured your standard business insurance. Does your business need commercial umbrella insurance? The answer to that question is a resounding yes, regardless of the size of your business, and here’s why. Regardless of whether you run a retail business or a warehouse, or even a manufacturing operation, no business is an island. You will at some point have to have people on your premises who are not employees. Perhaps they’ll be salespeople or suppliers. Either way, accidents happen, and the best way to protect your business and your family is by purchasing a commercial umbrella insurance policy.
A commercial umbrella insurance policy acts in the same manner as does a standard umbrella insurance policy, except that its liability protection extends to the premises and property of your business rather than your personal assets or automotive insurance policy. A commercial umbrella insurance policy goes beyond your standard business insurance by extending the liability protection offered by your business insurance beyond the levels that your insurance company offers on your policy. An umbrella insurance policy, particularly in these days and times, is not only a good idea for a business, but practically a necessity. There are a lot of predatory people in this world who consider it their life’s work to find a way to sue someone.
While it’s a shame that businesses should find themselves subjected to such practices, it happens all too often. While large corporations can absorb the impact of a multi-million dollar lawsuit, it’s entirely possible that a small business can be entirely wiped out by a fall on wet pavement. When lives and livelihoods are at stake, a commercial umbrella insurance policy can help to protect your employees as well as your business.
Pricing for commercial umbrella insurance will be based on several criteria, including the size of your business and the amount of additional coverage you choose to carry. If your business includes a fleet of vehicles rather than simply a fixed location, expect to pay slightly higher premiums for commercial umbrella insurance, likewise if you are located in a high-risk area where robberies or other such crimes are prevalent. You should find that a commercial umbrella insurance policy will not only be a good investment in your future, but in the future of your company, as well.