Do Small Businesses Need Umbrella Insurance?

Do Small Businesses Need Umbrella Insurance?Is it worth small businesses getting umbrella insurance? 

When it comes to commercial insurance, small business owners do not have enough protection to protect themselves from liability. You may think that you have the right coverage in place for your small business’s needs, but accidents happen. One sizable lawsuit or disaster can be all it takes for a small business to close its doors for good. If you don’t have a good umbrella insurance policy to cover you from extra liability claims, you could lose your entire business.

What is an umbrella policy?

There are a lot of different types of insurance policies available for small businesses, so it’s understandable that you might not be aware of them all. An umbrella insurance policy is designed to protect you and your business from any lawsuits or major claims that could be made against you in the course of doing business. It helps to protect all of your assets and investments from financial strain.

Top reasons why it’s important for a small business to have umbrella insurance:

  • It’s more cost-effective to get umbrella insurance than to raise the limits on your existing liability policies.
  • You can expand your coverage on several kinds of policies under one umbrella policy.
  • Umbrella coverage gives you extra help for certain types of claims that might not be covered by your other liability policies.
  • If you deal with high-net-worth individuals in your business, umbrella insurance is particularly useful in covering high lawsuit settlements.
  • Umbrella insurance gives you an overall peace of mind that you have plenty of coverage across all of your various policies.

To make sure you have the right protection in your New York commercial insurance policy, contact Perry & Carroll in Elmira.