3 Ways Umbrella Insurance Protects Small Business Owners

Insurance products like commercial liability, property, and auto policies protect the assets of small business owners. However, there are times when basic coverage isn’t enough. Silverton Insurance Specialist, LLC wants to help small business owners thrive, no matter what happens. Here are three ways umbrella insurance ensures the financial viability of your enterprise.

  • Many businesses rely on fleet vehicles to supply their customers with goods and services. During times of growth, managers may order extra vehicles to meet rising demand. If a catastrophic accident occurs that results in the loss of a piece of financed equipment, your primary insurance policy will likely cover the remainder of your loan. However, you will be liable for the entire cost of replacing that asset. This could mean lost business opportunities that could endanger your growth for years. An umbrella policy would provide additional funds that could be used towards the purchase of a new vehicle.
  • Accidents that cause injury to visitors on your property can lead to big bills. If a court of law finds you guilty of negligence, you could face astronomical fees and penalties. A large settlement can wipe a business’ cash reserves clean. Your commercial liability covers some of the cost but can be quickly eaten up by medical and legal payments. Your umbrella policy defrays many of the costs associated with claims against your property insurance.
  • When a worker is hurt on the job, worker’s compensation helps pay for medical bills, therapies, and living costs for employees while they heal. However, a large-scale accident can test the limits of your policy coverage. If your employee decides to sue, you may need to come out of pocket to cover defense fees and court-ordered judgments. Umbrella policies provide funds for legal costs associated with worker’s compensation cases.

For more information on how umbrella insurance protects your small business from rainy days, contact the experts at Silverton Insurance Specialist, LLC.