Umbrella Insurance

What is Umbrella Insurance?

As a business owner, it’s up to you to figure out how to keep your organization running effectively over time in an unpredictable environment. It’s a real struggle to avoid serious lawsuits, product failures, natural disasters and other unfortunate events while providing a high-quality product or service to customers worldwide. This is exactly what business owners try to do every day, and it’s why so many invest in insurance policies. With the proper insurance protection, you can reduce your risk of failing as a business, and you can help make your business more reliable. Business insurance doesn’t always offer enough protection, though, and that’s when individuals should consider umbrella insurance.

Umbrella insurance is a particular form of business insurance that offers coverage after your standard insurance wears out. Many business owners have insurance protecting them against potential failures, but not everyone has a high enough insurance policy. If you increase the amount of insurance, you pay a higher monthly premium, but you enjoy more protection. An umbrella policy is a backup insurance policy. This insurance only pays out money when the original insurance doesn’t cover everything. If you’re hoping to start a business and run it successfully, you should consider umbrella insurance and what it can do for you. Umbrella insurance is different from most standard policies in that it only works if your other insurance isn’t enough. Because of that, these policies tend to be affordable and offer special protections as well. 

Why is Umbrella Insurance important?

Many business owners don’t even have a commercial business policy protecting them and their operations. If you do have commercial business liability insurance or another general insurance option, you should consider how purchasing new insurance can protect further. Some businesses may not have enough coverage with their main policy. This is where umbrella insurance comes into play. 

It would be frustrating to pay for insurance and still have to pay a great deal of money because the insurance doesn’t cover enough. This happens to business owners all the time, though. It’s common for the coverage value on a business insurance policy to be too low. When that happens, the policy falls short, and the business owner is left paying more money out of the business to settle liabilities or property damage cases. Umbrella insurance prevents this, and this multi-purpose business insurance helps to secure the different insurance policies you have for your business. With the extra security from an umbrella policy, you’ll still be protected even if you don’t have enough coverage on one of your other commercial policies. 

Most commercial insurance policies are large enough to cover standard incidents. For instance, an accident involving one of your fleet vehicles would likely be covered by your commercial vehicle policy as long as the accident wasn’t too severe. The insurance policy would likely cover all of the vehicle repairs, plus some of the medical costs as well. Issues start to arise if the accident is too severe, though, and there are limits to the amount of bodily injury coverage that most of these policies include. If many people are injured severely, or deaths occur during an accident, there is a chance that your insurance policy won’t offer enough coverage to meet those medical costs. Major lawsuits can go through the funds from an insurance policy quickly as well. In these instances, having umbrella insurance can make a big difference as you would avoid paying out of your business funds towards the uncovered amount. Your policy would act like the original insurance policy you already had in place.

Who is Umbrella Insurance made for?

Umbrella insurance is a special type of insurance policy that can benefit many business owners available today. While most businesses have insurance that covers all their needs, these insurance policies often don’t come with a high enough level of coverage. Even if your business is covered by the insurance policies you believe are most important, you may still want to consider an umbrella policy. 

Most business owners have liability insurance and also have some form of commercial property insurance. It’s common for business owners to have commercial vehicle insurance as well. These policies work hard to protect the business from serious liability issues and from massive legal or repair costs. These policies aren’t always enough, though, and serious cases could exceed the coverage provided by them. If you have several different business insurance policies, you may want to consider supplementing those policies with umbrella insurance. An umbrella insurance policy can be customized to provide additional coverage to the insurance policies you’re already holding. 

By working with an insurance professional, you can build an umbrella policy that’s customized nicely for your business and the insurance coverage you currently have. Set up your policy today, and you’ll enjoy supplemental coverage when your standard policies aren’t large enough. 

Why should you choose PAIB Insurance for your Umbrella Insurance needs?

Umbrella insurance might be something that every business owner may need, but having an umbrella policy saves you thousands of dollars if you’re ever in a situation. If you decide you want the additional protection that umbrella insurance offers, you must spend time with a proven agent customizing the policy to ensure it works properly for your insurance needs. 

At PAIB Insurance, we recommend the top national insurance companies to help connect you with a provider that will offer you the best insurance that fits your needs. We make getting help easy and accessible and will point you in the right direction leading umbrella insurance policies. No matter what coverage you need for your business, you can get information and a custom policy designed specifically for your needs by working with our company. 

Our company doesn’t just make umbrella insurance available. We work with providers that offer commercial general liability insurance and commercial property insurance, among other things. There are many different insurance options to select from when working with PAIB Insurance, and if you’re willing to work with our team, we can help choosing the right insurance for all of your needs!