What important coverage do we overlook when purchasing commercial insurance? If the dog is man’s best friend, commercial insurance is the business owner’s best friend. In the event of a fire, theft, lawsuit, short circuit, accident, forced closure, or hurricane damage, who extends a helping hand to the owner?
However, many times the purchased protection is not enough to compensate for the damage suffered, and even if the insurance pays the agreed-upon amount in the policy, the business will still be affected. The owner will have no choice but to take money out of their pocket or declare bankruptcy.
That’s the harsh reality – it’s very difficult to anticipate the magnitude of damage or predict in detail all the risks to include them in the insurance policy.
That’s why Umbrella Insurance Coverage exists, which, as the name implies, is responsible for compensating “under its protection” any coverage deficit in the commercial insurance package or BOP contracted by the company. For example, if you are sued for one million dollars and have coverage for only $700,000, the Umbrella policy will cover the difference, and you won’t have to take money out of your pocket. Of course, like all coverages, this one also has limits.
In conclusion, Umbrella provides an additional layer of protection for business owners. Although it is often overlooked, we could say that by purchasing an Umbrella Policy, it transforms your ordinary coverage into super coverage.
Don’t forget that if you want affordable commercial insurance, you can find it by calling Univista Insurance. What important coverage do we overlook when purchasing commercial insurance?
Call us today for a full qualification! 305-728-2088. You can also get a free quote here.
