As a business owner, you likely have a standard commercial insurance policy. However, you might find value in supplementing that policy with umbrella insurance. If you’re unsure about why you need umbrella insurance and what it can offer you, continue reading below.
1. Safeguard Your Assets
One of the most appealing aspects of umbrella insurance is the additional financial safeguard it provides to a business. If your standard liability coverage limit has been met, your umbrella insurance can step in to cover the remaining cost instead of forcing you to liquidate assets to pay damages. Without umbrella insurance, you’re financially accountable for the difference, which could negatively impact your business and force you to make some challenging decisions.
2. Ensure Your Employees’ Security
Umbrella insurance allows you to maintain financial stability, which is crucial to safeguard your employees and their jobs. Without this extra coverage, you might have to make difficult decisions, including downsizing and selling parts of your business, which could lead to job cuts and negative impacts on your employees and their families.
3. Exhibit Responsibility
Circumstances necessitating the use of umbrella insurance are usually outside the norm. However, having this policy on standby demonstrates to your community, clients, and competitors that you’re a responsible and reputable business. Standing by your decisions in these challenging situations takes integrity, which can impress potential clients and bring more business to your door.
If you’re a business owner in Milford, CT, and you’re interested in securing umbrella insurance, contact our White Oak Insurance LLC team today for more information. We can help you determine the amount of umbrella insurance that suits your needs and provide you with a personalized quote.
