This post was written by Commercial Protection Advisor, Blaise Perrone
Liability claims can strike at any moment—vehicular accidents, product liability, customer injuries, libel, and more. As a business owner, these potential catastrophes are a constant source of concern. Yet, a staggering 80% of businesses remain insufficiently protected against these major risks. That’s right—80%!
The culprit? Most businesses overlook the importance of commercial umbrella insurance. This essential coverage serves as an extra layer of protection, yet many owners dismiss it as just another expense. But let’s break down why this is a crucial addition to your insurance portfolio.
Understanding Commercial Umbrella Insurance
At its core, commercial umbrella insurance acts as a safety net. It kicks in when your existing liability limits have been exhausted, covering those big, unexpected events that could otherwise devastate your business.
Still skeptical? Here’s the reality: the cost of commercial umbrella insurance is often less than what you might expect—comparable to a monthly gym membership. In contrast, the financial fallout from a serious claim can be catastrophic.
The Cost of Underestimating Risk
Let’s consider a scenario: Your business faces a lawsuit demanding $1.5 million. If you have only $1 million in liability coverage, your insurance will handle the legal defense and the first million, but you’ll be left with a staggering $500,000 bill. Without a commercial umbrella policy, you’d need to dig deep into your business and personal finances to cover that amount.
However, if you have a commercial umbrella policy in place, that additional $500,000 is covered. Suddenly, both your business and personal finances are safeguarded, allowing you to focus on what really matters: running your business.
Who Needs Commercial Umbrella Insurance?
Still unsure if this coverage applies to you? Ask yourself these questions:
- Do you interact with customers or clients in person?
- Do your employees use heavy or potentially dangerous equipment?
- Do you work on other people’s properties?
- Can the public access your business during working hours?
- Do you conduct any off-site work?
- Do you have significant assets you want to protect?
If you answered YES to any of these questions, it’s clear: you need a commercial umbrella insurance policy.
Be Prepared for the Unexpected
No business can predict when disaster will strike. However, you can take proactive steps to ensure you’re prepared. Investing in commercial umbrella insurance isn’t just a smart decision; it’s a necessary one for the longevity and stability of your business.
Protecting your hard work is not an option—it’s an obligation. Don’t leave your business vulnerable to risks that could lead to financial ruin. Talk to us about commercial umbrella insurance today and give yourself the peace of mind you deserve.
Let’s Connect
If you’re ready to take your business to the next level and safeguard your achievements, please reach out. Together, we can ensure that you not only maintain your success but also reach for greatness.
Reach out today—let’s make your experience a little smoother, no machine-wiping required. Book a time to meet with me here.
We’d love to talk to you about the specific risks your business faces and how we can help you protect it. We have a full team of business insurance experts ready to help you. Contact us here and let’s get started!
A little more about Blue Marsh Insurance…
When he founded Blue Marsh, Tom Davenport wanted to create a different kind of insurance company. One that’s built on personal relationships and a local presence. One where you, the customer, feel more like a friend.
As an independent insurance agency, Blue Marsh Insurance represents a carefully selected group of financially strong, reputable insurance companies. Therefore, we are able to offer you the best coverage at the most competitive price.
If you’re interested in starting a quote online or having us take a look at your current policies, click here!