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An umbrella insurance policy will provide extra coverage, protecting your new place of business from financial loss.
Scenarios
The following list highlights some items that an umbrella insurance policy would cover.
- Legal expenses
- Medical bills (hospital and doctor’s office visits)
- Judgments and settlements
- Property rehabilitation expenses
Optional Coverage
Umbrella insurance coverage is optional. An umbrella policy absorbs costs that standard insurance products don’t handle. As a new business owner, you may have decided to purchase some basic insurance products. The insurance products will protect your assets in most cases.
If you are ever faced with a legal battle, however, the basic insurance coverage you have obtained may not handle all the expenses you are responsible for. In this type of situation, umbrella insurance coverage would kick in and pay for the expenses that the primary business insurance doesn’t cover.
Risk Assessment
Performing a risk assessment may indicate whether obtaining an umbrella insurance policy would be wise. Your risk assessment should include evaluating your equipment and determining the likelihood of an accident occurring at your place of business.
If a large number of risks are uncovered during the assessment, you may decide to invest in an umbrella insurance policy.
For example, if potentially dangerous machinery or substances are used in your place of business, you may be concerned about injuries. This may persuade you to purchase an umbrella policy providing extra protection.
Contact Express Insurance
Contact one of our insurance agents serving Longwood, FL. At Express Insurance, you can review umbrella policies that will provide your new business with plenty of liability protection.