Insurance can be a major business expense, and business owners might recoil at the idea of getting even more insurance than they are already paying for. It’s important to really imagine some of the scenarios that you are covering your business for, and to make sure that an unforeseen incident will not bankrupt your company.
Umbrella insurance might be available to your company for only a few more hundred dollars a year, and might be the difference between an incident being a minor setback and a major crisis.
Umbrella insurance kicks in when other coverage is exhausted. Even if you only have an LLC, you still may benefit from this added coverage. Umbrella insurance covers personal property and secondary income sources, and it is one of the most affordable insurance policies out there.
Having real estate may put you at a higher risk of facing a lawsuit, and the umbrella policy would help you be covered in this event. Make an assessment of all of your businesses, investments and other assets. Then, contact a qualified insurance representative who can tell you if an umbrella policy would be a good way to protect all of the things that you have worked hard for.
You will be asked to explain your personal and professional affiliations, your investments, and any sources of side income to help appraise what umbrella policy will be right for you.