Your business may be adequately insured, but with the number of lawsuits filed against businesses and the size of the awarded settlements both on the rise, it may be beneficial to secure extra coverage via an umbrella policy. This type of policy increases your liability coverage to compensate for a lawsuit that maxes out the limits of your current coverage.
Even though this policy is designed to cover extraordinarily high expenses, it’s surprisingly affordable. How can this be? The limits of your underlying policies are used first before your umbrella coverage kicks in. This small additional expense might just be worth it if you must face a judgment that affects your bottom line, market share and even your reputation. Purchasing an umbrella policy is the best way to plan for the unexpected.
No one wants an accident to occur, but sometimes they do. A customer slips and falls, getting injured on the way down, and sues. A deformed product injures a customer, who then sues. A customer swears you performed a shoddy job and sues. Similar lawsuits can lead to costly legal fees, which can cripple a business that isn’t properly insured for such crises. For instance, if your current policy covers your business for $1 million, but you’re successfully sued for $1.5 million, an umbrella policy could pay the outstanding $500,000.
Your independent agent will evaluate the needs of your business, helping you determine how much extra coverage would be most beneficial for you to purchase under an umbrella policy.Get the extra protection your business needs. Call Integrity Network Insurance Group at (512) 989-6006 for more information on Round Rock business insurance.