Significant assets are at risk when a business is sued. If the claim is higher than your insurance coverage, you can lose everything. However, commercial umbrella insurance provides another layer to protect business assets. Keep reading to find out who needs commercial umbrella insurance in Laurel, MD. You can contact Mid Atlantic Insurance Financial at any time for more information.
Do You Really Need Commercial Umbrella Coverage?
You need commercial umbrella insurance if you have a high net worth and significant assets to lose. Another factor is how likely it is for you to get sued. This can be impacted by your career and activities. For example, if you are on the road a lot, auto accidents are more likely, and you are more likely to be sued.
What Umbrella Insurance Covers
You may work in a field where your existing insurance doesn’t have a high enough limit to cover potential lawsuits. Commercial umbrella insurance acts like a real umbrella on a rainy day and protects you from having to pay large lawsuit damages out-of-pocket. It has the same general categories as regular policies but kicks in only when your regular insurance has been exhausted.
- Bodily Injury. For instance, your employee is working at a job site and causes an accident. that injures another person. Your commercial umbrella insurance picks up where your general liability stops.
- Property Damage. If your delivery person crashes the company van into an 18-wheeler, your regular commercial auto insurance may not be enough to cover property damages. Your umbrella policy has you covered.
- Other Kinds of Legal Damages. Umbrella insurance can pay for things not covered by typical insurance policies, such as getting sued for libel or slander. Further, it pays for damages if you are found guilty of privacy violation, false arrest, malicious prosecution and other civil charges.
- Legal Fees. Commercial umbrella insurance pays for legal fees or court costs if you are involved in a lawsuit. With an umbrella policy, you can hire a great lawyer to protect your assets.
Contact Mid Atlantic Insurance Financial to find out how your Laurel, MD business can benefit from commercial umbrella insurance. You can also set up an appointment to discuss all your estate planning needs or to get a quote.