Could Your Business Weather a Storm?
Tuesday, December 20, 2016
You might have a business owner's policy to protect your premises from a natural disaster, but what about protection from a figurative storm?
Just think of the extraordinary liabilities that could be so severe that the underlying limits of your existing policy wouldn't cover all the damage:
- A fire destroys your building and spreads to your neighbors’ property, through no fault of your own.
- A customer slips, falls, and suffers a debilitating injury because the sidewalk in front of your store is uneven.
- A contractor tumbles off of a ladder while inspecting your property for damage.
Because a broad variety of circumstances can expose your business to high-stakes litigation, Jewelers Mutual Insurance Company recommends a Commercial Umbrella Liability Policy to protect your business.
Do I Really Need an Umbrella?
You may think, "I have auto insurance and my business owners policy provides some general liability coverage. There’s isn’t a need for me to buy any more coverage."
Keep in mind the old saying: when it rains, it pours.
Don't assume that you're adequately protected by your business owners policy. It may not be enough to cover you against large-scale liabilities.
Consider the examples above. You can never be sure when an accident will happen and given today's society, lawsuits occur with alarming frequency, and monetary awards can be staggering. If you're not properly insured, a major lawsuit could ruin the business you’ve worked so hard to build—and possibly tap into your personal assets as well.
The good news is a Commercial Umbrella Liability Policy provides coverage for liability claims above and beyond the limits afforded by your existing general liability or business owners policy. Many people also feel that the margin of safety provided by umbrella coverage compared to its additional cost provides a tremendous value.
What Does an Umbrella Policy Cover?
When you purchase umbrella coverage, you’re protected against:
- Bodily injury
- Property damage
- Personal injury
- Advertising injury
- Loss amounts that exceed your underlying coverage limits
Make sure you're not putting yourself at risk in the event of a worst-case scenario involving extraordinary liabilities. Explore your options for a Commercial Umbrella Liability Policy by contacting your trusted agent or broker to determine what coverages and limits are appropriate for your business.
To learn more, visit JewelersMutual.com.