Does your small business in Longmont, CO need umbrella insurance? You may think that this type of insurance coverage only benefits larger companies with a high net worth, but that’s simply not the case. The truth is that any business may run up against a lawsuit or some type of disaster situation at some point. This is why it’s helpful to seek the services of an insurance company like 1st American Insurance Agency.
What Is Umbrella Insurance?
Umbrella insurance is an added protection to your existing insurance policy. Since there can be holes or limits in your regular commercial insurance policy, it’s ideal to have something in place that will help cover that. For instance, it offers liability protection in the instance that your company gets sued. If you are found to be at fault for a customer’s injuries or there’s some other legal issue that arises, you’ll want to have financial protection so your business does not go under.
In addition, umbrella insurance may cover areas that a conventional insurance policy does not cover. However, you almost certainly will have to pay some sort of deductible for your umbrella insurance, which varies on the insurance company.
Amount of Your Umbrella Insurance
The amount of umbrella insurance coverage you need depends on your company’s assets. Since the assets will determine how much is at stake in a lawsuit, it’s important to take out an insurance policy that has a maximum coverage that is appropriate to your business’ needs. For a smaller business, this likely is a lower amount.
You want to protect what you’ve worked hard to build with your small business. If you have questions, concerns, or would like to sign up for commercial umbrella insurance, reach out to 1st American Insurance Agency of the Longmont, CO area today.