A Guide To Selecting An Umbrella Insurance Policy For Your Small Business

Most small business owners have general liability policies or small business insurance policies in place to protect their businesses against unforeseen perils. In cases where the general liability plan doesn’t cover all the legal fees and expenses incurred, you will need umbrella insurance to act as a second line of defense in addition to the already existing policies. Anchor Insurance Agency LLP provides umbrella insurance for small businesses in Plymouth, MN.

Selecting An Umbrella Insurance Policy For Your Small Business

Commercial umbrella insurance for small businesses offers additional liability coverage for general liability policies. In case you are sued, umbrella insurance offers additional funds to cater for lawsuits and other damages.

Do I need umbrella insurance?

Umbrella insurance policies supplement the coverages provided by commercial auto insurance, general liability insurance, and employer’s liability insurance. It is a safety net for small business owners and the second line of defense when you require extra protection on claims that exceed the limits of your primary liability policies. 

Consider your business needs

Standard insurance policies are designed to cover most small businesses’ needs, but it will give you more peace of mind when you have extra protection. If there are situations that aren’t covered by standard insurance, an umbrella policy expands coverage with monetary coverage limits.

The type of coverage

Umbrella policies are unique depending on the type of business and the business needs. There is no one-size-fits-all, so you need to be careful about the type of coverage you choose for your small business. Depending on the nature of your work and how much you can pay for this umbrella protection, you can save yourself massive financial binds with an umbrella insurance policy.

Are you considering getting umbrella insurance for your small business in Plymouth, MN? Consult with Anchor Insurance Agency LLP to get an umbrella insurance policy to help cover the claims that aren’t covered by other liability coverages.