Commercial Umbrella coverage is critical to your business
It’s in the news. You hear more-and-more that juries are awarding massive award settlements and these are resulting in a business’ financial ruin. A large loss could severely impact your business success that you’ve worked so hard to achieve and destroy your hopes for a bright future. Here at J. Jacobs & Associates, we can help you protect your assets today by providing the added coverage where you need it most. While we can’t insure for everything, it’s important that we assist you in alleviating as many potential losses as your budget allows.
A commercial umbrella policy is an added layer of protection over your general liability limits. It’s typically purchased in $1M increments. Mostly it’s purchased as an added layer of protection and other times it’s required for contractual obligations. Either way, it’s a valuable asset in your insurance portfolio!
No matter the size of your business or how well it’s run, your business faces the potential of a devastating claim arising from an unforeseen event. For example, let’s say you own a retail store, or an apartment building, or an office setup and a customer trips on the carpet and hits his head sustaining serious brain injury. You could be potentially liable for millions of dollars in medical and other payments. Would that entire sum be covered by your existing general liability insurance? That would be determined by your GL limit, defense costs and other costs associated with a lawsuit. The question would be, could your business savings and/or revenue make up for the difference in what’s not covered? If your answer is no, that’s where the commercial umbrella coverage comes in.
We would agree that most business owners never expect to encounter a loss that exceeds the limits of the general liability coverage that they have in place specifically for managing accidents, mistakes and injuries but unfortunately in today’s business environment, it happens too often. If you are a small business owner, you might think that they can’t take what you don’t have. Think again – a court can seize the business assets you currently have and even allocate future earnings to satisfy a judgment against you. Would a large loss impact your business? If yes, and you would like to discuss the added benefits of a commercial umbrella policy, please contact our agency today!
It’s never too soon to invest in umbrella coverage.
Get the ultimate in asset protection
It’s your decision how to best spend each one of your hard-earned dollars. But if an unexpected major loss occurs that key decision may no longer be yours. You’ll find that a commercial umbrella policy offers you a way to help ensure that your business assets remain yours for less than you might expect.