The many ways umbrella insurance protects your business
Jun 11, 2018, 7:53 AM | Updated: Jun 25, 2018, 10:54 am
Just as you wouldn’t want to get caught in the rain without cover, you wouldn’t want to find you don’t have enough coverage in the case of a liability claim against your business. The common theme here is an umbrella, and in the event of a liability claim or lawsuit, it’s better to have cover.
Mind the gap.
Umbrella insurance helps protect your business from liability claims that could threaten its financial future. It guards businesses when judgments or settlements exceed amounts covered on underlying policies.
Typical primary commercial liability insurance will cover up to $1,000,000 in liability claims. However, Forbes reports that liability lawsuits often seek millions of dollars. The gap between your primary coverage and that price tag can be devastating.
If you fail to prepare…
It’s important for your business to be prepared for the possibility of a catastrophic loss. Umbrella insurance provides limits in addition to those provided in underlying insurance policies. Here are a few scenarios where having umbrella coverage can bring you peace of mind:
Hotel: A hotel guest is severely injured from a trip and fall on uneven pavement on the hotels grounds.
Contractor: A truck driven by an employee hits a family in a minivan causing one death and severe injuries to the remaining occupants.
Restaurant: Tainted salsa is served to 50 patrons. Many become only slightly ill, but a few spend months in the hospital recovering.
It never hurts to be prepared for a rainy day. Umbrella coverage can be a relatively small cost for your peace of mind knowing that in the event of a catastrophic accident, your business is protected from the storm.
About CopperPoint: Founded in 1925, CopperPoint Insurance Companies is dedicated to protecting and empowering conscientious business owners. Our vision is to be a top-tier regional commercial insurance company and the preferred partner for business owners, agents and brokers in every community we serve. For over 90 years CopperPoint has been a leading provider of workers’ compensation insurance. Today we are a multi-line commercial insurance company, offering products such as general liability, property and casualty, crime, inland marine, commercial auto, cyber and employer practices liability insurance to ensure peace of mind to conscientious business owners, their employees and customers.