Umbrella Insurance for Small Business
The greatest dream for many people is to achieve financial independence through a business. Imagine the day when you first open your restaurant, or create your construction company, or finally open your real estate office.
But behind the logo, the colors, the creation of the website, the design of the rooms, and the ribbon-cutting, there is something as essential as commercial insurance that you should not overlook.
Insurance is the money that is invested every month to keep the dream of the business alive when things go wrong.
When talking about business insurance, the image we have is the Business Owner’s Insurance or BOP, for its acronym in English, the package that insurers design combining multiple coverages to best protect the business in question.
Those who are going to hire people right away think of workers’ compensation insurance, which is generally not included in the BOP. However, it is mandatory insurance, which, as the name suggests, provides protection to employees from any workplace injury and the entrepreneur from potential worker lawsuits.
We also usually take into account civil liability insurance, which basically protects the company from damages, injuries, and lawsuits that may be suffered by third parties that are related to the business, whether they are clients, neighbors, intermediaries, or visitors.
Insurance detractors define insurers as those that give you an umbrella when the weather is good and take it away when it rains.
It is known that all coverages protect up to a limit. And it may be the case that a claim or damage is higher than the coverage contract. For example, if you have liability coverage for 1 million dollars and it turns out that your company loses a lawsuit where they claim 1.5 million. In that case, you should be responsible for paying the difference not covered by your insurer.
However, if you have Umbrella Insurance, all the civil liability, medical coverage, or money for lawsuits that exceed your coverage, are protected under that umbrella, which can incredibly be contracted for a few hundred dollars a year.
Call Univista Insurance, and save your business from all the uncertainties that the future holds. And if it rains a lot, just calmly open your umbrella.