An important aspect of running a business is ensuring that you protect the people entering the premises from all types of potential injuries. Your financial security depends upon this, and without umbrella coverage from Preferred Insurance, you may be at risk if the damages exceed the coverage you’ll get from your primary business insurance. You must understand that you are legally liable for damage to the property of other’s as well, or in instances where someone is injured as a result of the products you sell or existing hazards at your facility or offices.
The only real way to protect your business and personal assets is having enough coverage to assist you when facing a large claim settlement. Remember that, no matter how well trained your employees are, accidents can occur anywhere and at any time. You owe it to yourself to be prepared to address the possibility that you may experience an event that results in paying severely high compensation.
Excess umbrella coverage provides additional assistance
While you may have a reasonably sound safety program at work if someone other than an employee is suddenly injured how will you address the situation? The more severe the injury, the more likely that you end up in court defending your position. When a person gets injured while at your place of business it’s quite difficult to prove you weren’t at fault. Lawyer’s fees, medical bills, and pain and suffering are some of the hard costs that you’ll be expected to make financial restitution for.
For example, if you are sued for $2.5 million dollars, and your general liability policy only covers you for $1 million, how would you make up the difference? Without umbrella coverage in place, you may have to resort to filing bankruptcy. When faced with paying the total amount, the fact is that your umbrella policy would cover the additional $1.5 million.
Umbrella policies also provide protection for major catastrophes, offering additional liability limits beyond underlying insurance coverages. You could be eligible to receive higher limits providing affordable protection of $1,000,000 or more for each occurrence in excess of your primary insurance coverage.
You should buy coverage that will protect both your business and your livelihood. Speak to an agent about umbrella coverage from Preferred Insurance and get the protection you deserve.