Umbrella insurance is insurance that provides extra coverage or backup coverage after you’ve exceeded the current limits of your primary insurance policies. As a business owner, umbrella insurance provides liability coverage for medical expenses, lawyer fees, and other financial protection. Even small businesses can benefit from umbrella insurance if they have assets they want to protect.
Our team at Hunt Insurance & Retirement Services is proud to serve our South Carolina and Georgia business owners.
Umbrella Insurance for Businesses
Umbrella insurance for businesses is called commercial umbrella insurance or business umbrella insurance. Umbrella insurance provides extra coverage and protection once the current limits of your primary insurance have been surpassed. Small businesses have assets that need to be protected just like larger businesses do. If you have government contracts, you may be required to carry umbrella insurance. However, any business that wants protection from unexpected loss, liability, and lawsuits, can benefit from the extra protection an umbrella policy provides.
Some businesses have more assets and more to lose due to certain risk factors. Businesses that operate on commercial property that’s open to the public assume certain risks. If someone is hurt on your property, you could be held liable for their injuries and the damages could exceed your liability policy. Your business could also be more at risk if you or your employees work on other people’s property. The potential for accidental damage and injury is still present.
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There are circumstances that may make umbrella insurance unnecessary for some businesses. Some businesses don’t carry as much risk as others based on how they operate, as well as other specific factors. These are usually home-based businesses that don’t directly interact with the public. Homebased businesses that are sole proprietorships with no employees, subcontractors, and no in-person contact with customers may be able to forego umbrella insurance. However, this decision should be carefully weighed.
If you have questions regarding the benefits of umbrella insurance in South Carolina and Georgia, reach out to us at Hunt Insurance & Retirement Services. We’d be happy to explore umbrella insurance to determine if your business could benefit.