As a business owner, it’s essential to protect your assets from potential lawsuits. One way to do that is by obtaining commercial umbrella insurance.
What is commercial umbrella insurance, you ask? It’s additional liability coverage that goes above and beyond what your general liability policy covers.
Here’s the thing – accidents happen. And unfortunately, they can sometimes lead to costly lawsuits. If your business is found liable for damages exceeding your general liability policy limit, you could face financial ruin without the protection of a commercial umbrella policy.
Let’s say, for example, that a customer slips and falls on your premises. Your general liability policy covers up to $1 million in damages. But, if the lawsuit settlement exceeds that amount, you’re on the hook to pay the difference. This is where a commercial umbrella policy comes in—it can provide an additional $2 million or more in coverage.
Commercial umbrella insurance isn’t just for large corporations or high-risk industries. Any business, regardless of size or industry, can benefit from this extra layer of protection. Plus, it’s relatively inexpensive compared to the potential cost of a lawsuit.
Don’t let a single accident bankrupt your business. Consider adding commercial umbrella insurance to your liability coverage. It could mean the difference between financial stability and ruin.