Umbrella insurance could be one of the best investments a business can make in today's lawsuit-prone world. Your company likely has liability insurance, a key tool in protecting against lawsuits from customers due to accidents or mistakes made by the company. However, liability insurance isn't always enough protection in many cases. Umbrella insurance provides an additional layer of protection to safeguard from the ever-increasing amount of costs associated with liability cases. In short, a simple lawsuit can lead your company to financial ruin, even with a traditional liability plan. Umbrella insurance gives you more protection.
Does Your Business Need Umbrella Insurance?
Many small businesses struggle with determining what type and amount of business insurance is necessary. The investment in umbrella insurance is often pushed to the side as a cost that companies don't think they need to manage. However, every business is at risk.
What if a visitor to your apartment complex is hurt in a fall that leads to the inability to walk? Again, this could amount to millions of dollars in loss. Umbrella insurance could be beneficial in this case too because it’s also for personal use, not just commercial use.
The key here is to realize that a single instance can top millions in liability expenses that your company may be responsible for paying. However, with an umbrella insurance policy, you can help minimize these costs.
How to Get the Best Level of Financial Protection
As a business owner, it's important to take a close look at the risks that are present. Every company that welcomes customers or clients into their establishment could be impacted by scenarios similar to those above and has no real way of preventing them. Countless other risks are also possible every day. With an umbrella insurance policy, you can add millions in liability coverage to comprehensively safeguard against these risks.
The risks are present to every company. Traditional liability insurance policies are still necessary, but they shouldn’t be the sole tool for reducing risk. Look for comprehensive business insurance that safeguards your company and ensures that, even when the worst seems to occur, your company has the financial means to weather the storm. Umbrella insurance is an excellent tool to help make that happen.
Do you have enough coverage? Call McDonald Insurance Group at 303-957-1742 for more information on Littleton business insurance.