Umbrella Insurance Policy For Small Business

Commercial umbrella insurance offers additional protection for your business assets increasing the liability limit that you already have with other policies.

Umbrella insurance policy for small business. If you re operating a business this is a supplemental type of insurance that will provide extra protection for your business. And all travelers companies are rated a or higher by a m. The policy provides both defense and damages if you your employees or your products or. Business owners who purchase commercial umbrella insurance usually need it to fulfill a contract that requests higher than standard policy limits.

You can either buy excess liability on every policy you carry or you can buy umbrella insurance to give some additional. Every business even if home based needs to have liability insurance. For example if a client contract required a general liability policy with a 5 million limit an umbrella policy of 4 million would be added to your existing 1 million commercial general liability. This can put your business and property at serious risk.

For many small business owners this is more money than we re going to be able to cover ourselves anytime soon. Umbrella insurance protects your business from holes or limits in your existing coverage that could leave you open to a big loss. So you have a couple of options. Just like you guessed it an umbrella it provides protection against a storm.

Best for small business owners. Maybe you can replace your equipment your inventory but covering a lawsuit may be more than most businesses can handle. The issue of the unpredictability of payable amounts no longer exists. Without umbrella coverage to extend your policy you would have to find a way pay for the amount it doesn t cover.

It will also protect your business from financially ruinous lawsuits arising from liability. Umbrella insurance is basically extra coverage that sits on top of your existing policy. Advantages of getting an umbrella insurance policy there are many ways how umbrella insurance can help your business. Travelers insurance offers both a personal and business umbrella insurance policy with limits that begin at 1 million and go up to 10.

Travelers insurance is the second largest property and casualty insurer in the u s. The average price of a standard 1 000 000 commercial umbrella insurance policy for small businesses ranges from 47 to 99 per month based on location underyling policies payroll sales and experience. An umbrella insurance policy is coverage that many small business owners may need in order to cover themselves adequately. Best in financial stability.