Before we can get into why we need umbrella coverage, it's probably a good idea to take a quick look at what it is and what it does.
An umbrella policy is a liability policy that places a layer of insurance on top of your current liability coverages including General Liability, Auto Liability, Employer Liability etc.
Liability policies commonly provide 1,000,000 of coverage for " Bodily Injury or Property damage " arising from your operations, your use of a motor vehicle, your products etc.
The question of whether or not you need umbrella coverage centers around whether you think one million is enough to protect your assets from the type of claims that your business is likely to generate.
$1,000,000 may seem like a lot of money but when you consider the consequences of an auto accident involving damage to a building with people in it for example. 1,000,000 dollars will be consumed very quickly.
Two very important questions are these: do you have assets, and or do you have a future within which you expect to earn income? The value of both will be added to your liability insurance in the event of a substantial claim.
An umbrella policy is a liability policy that places a layer of insurance on top of your current liability coverages including General Liability, Auto Liability, Employer Liability etc.
Liability policies commonly provide 1,000,000 of coverage for " Bodily Injury or Property damage " arising from your operations, your use of a motor vehicle, your products etc.
The question of whether or not you need umbrella coverage centers around whether you think one million is enough to protect your assets from the type of claims that your business is likely to generate.
$1,000,000 may seem like a lot of money but when you consider the consequences of an auto accident involving damage to a building with people in it for example. 1,000,000 dollars will be consumed very quickly.
Two very important questions are these: do you have assets, and or do you have a future within which you expect to earn income? The value of both will be added to your liability insurance in the event of a substantial claim.
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