If you are a business owner, you don’t need another reason for a sleepless night, but here’s a big one: in our experience, nearly 80% of businesses are not covered against potentially business-ending lawsuits and catastrophic losses. This is because most businesses fail to add commercial excess and umbrella insurance to their business package policy. The reality is that when it comes to protecting your business, an umbrella insurance policy is a necessity, not an option any longer.
Umbrella coverage provides an extra layer of protection a business needs for big, unexpected events that can quickly exceed its primary insurance limits – from devastating multi-million-dollar lawsuits to liability claims, employee auto accidents, and more. This coverage is surprisingly affordable as well. We would like to remind you that an umbrella is a supplemental policy, not a standalone policy. Liability is simply a factor of doing business. Every business that plans on remaining solvent and competitive should have an umbrella policy for proactive peace of mind. It offers an extra layer of protection in the event of a loss that exceeds your general liability limits.
Five Reasons Why Your Business Needs An Umbrella Policy
- You could go bankrupt without it – especially if your business is in a litigation-prone industry. One large jury award could quickly put you out of business, if it exceeds your policy limits.
- Your customers require it – if an accident happens while on a job, your customer wants to make sure your business has enough coverage to handle it.
- Your business is inherently dangerous – if you manufacture hazardous materials or have a high risk of occupational injury to your employees.
- You have company vehicles or have employees who drive their personal cars for business purposes – which brings liability on every mile traveled.
- You have a physical presence – one slip, fall or other accident on your property is all it takes.
Call R.C. Keller & Company For That Extra Layer Of Protection
No matter the size of your company or how well it is run, your business can face the potential of a devastating claim from an unforeseen event. Umbrella insurance is dependent on a variety of factors; the type of business, number employees and the amount of assets are important to think about. The insurance specialists at R.C. Keller & Company are happy to help you decide how much coverage your business will need.
R.C. Keller & Company is a full-service Trusted Choice insurance agency. We have protected Schaumburg business owners since 1910. Give our team a call today at 847-907-4520.