This insurance serves as a safety net, enhancing your existing business policies. Think of it as a backup plan, stepping in when primary policies hit their limits.
Why Consider an Umbrella Policy?
Each business insurance, liability, or property has a cap on payouts. If expenses exceed this cap, you’re typically liable for the difference. This can strain, even jeopardize, your business. An umbrella policy activates when primary policies max out, covering excess costs.
An Illustrative Example:
Suppose you have a $500,000 liability policy but face $700,000 in damages. With an umbrella policy, the umbrella coverage handles the remaining $200,000 after your liability policy pays its part.
Affordable Peace of Mind:
Given its role as a secondary support, umbrella insurance is often more affordable than anticipated.
For comprehensive asset protection, consider adding commercial umbrella insurance. Contact us to discuss its fit for your business.
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