One of the biggest fears of a small business is a claim for which they do not have adequate coverage. One claim could bankrupt a small business and its owner. That's why having the right coverage in place before a claim occurs is so important. At Fulshear Insurance® we understand having the right coverage for the right price is key. We represent many different carriers, so we can offer you the right coverage at the best price.
A Business Umbrella insurance policy supplements your existing General Liability, Commercial Auto Insurance and Employer's Liability insurance limits. If a huge accident occurs, your business could be the target of numerous lawsuits. Your assets could be at risk should this occur. If the costs of a claim exceed the underlying limits on your other policies, you want the added protection only a Business Umbrella insurance policy can offer. Instead of paying out-of-pocket for the damages above your limits, the Business Umbrella policy offers an extension of liability coverage to your existing policies. It's much more affordable than paying for legal fees, medical bills and other damages out of your own pocket!
Some examples of how a Business Umbrella insurance policy works:
A customer trips and falls when walking through the door or your place of business. Their medical bills exceed the limits of your General Liability policy. You would have the additional coverage necessary with a Business Umbrella policy. Otherwise, the person could expect you to pay for the additional medical expenses out-of-pocket or possibly file a lawsuit against you for additional damages.
An employee is driving the company vehicle and runs a red light. They hit a car with a mom and three children she just picked up from school. There are multiple injuries. Your Commercial Auto insurance policy has good limits but not near enough to handle this size claim. It's a good thing you purchased the Business Umbrella insurance policy which extends your limits of liability.
An advertising error results in lawsuits being filed against you. The legal costs and settlement of damages could easily exceed the limits of your General Liability policy.
How much Commercial Umbrella insurance coverage do you need? There are factors that go into determining the answer, such as the type of business you own and how much coverage you already have on your existing policies. Let one of our experts at Fulshear Insurance® assist you with figuring out the best plan for your business. Call us today toll free 1.855.533.9067 or apply online. Fulshear Insurance® looks forward to serving you.