Usually, your standard insurance policy will cover most of your small business insurance needs. In certain situations, it makes sense to get even more coverage with umbrella insurance. While umbrella insurance will cost slightly more than standard coverage, it’s worth it when it gives you peace of mind.
There are two main reasons that you may want to consider umbrella coverage for your small business. First, it’s likely that there are certain situations that are not covered by your current insurance policy. For example, it’s possible that your current policy may only cover issues that occur in your home office. An umbrella policy could expand coverage to cover events that occur out of the office. While this may seem frivolous, it’s actually quite helpful if you host events or meetings out of the office (conferences, the company Christmas party, etc.). Secondly, your current insurance policy has monetary coverage limits. An umbrella policy could increase those limits, so you don’t find yourself in a financial bind if you exceed your current available insurance payout.
Umbrella policies are not one-size-fits-all. It’s important to consider the type of work you do, the likelihood that you’ll exceed your current insurance policy, and how much you’re able to pay for umbrella insurance. Your Express Insurance agent serving Longwood, FL will meet with you and help you decide on the perfect umbrella insurance policy for your small business. When you meet your Express Insurance agent, be sure to bring a copy of your current insurance policy, a list of your employees/ payroll, and a list of prior insurance losses so that your agent can help you decide what kind of additional coverage you need.