Congratulations on your success! You worked hard. You started a business or invest in one. You built it up to either open new locations or invest in other businesses. You have adequate insurance coverage for all the regular stuff; however, you want to be sure you also have protection for many things that may are not specifically covered or maybe the coverage you have does not have large enough limits to cover any extraordinary and unexpected risk.
Understanding Umbrella Insurance
It is always a good idea to discuss any changes in your business with your insurance agent at Western Republic Insurance Services, serving Huntington Beach, CA and other cities in the major metropolitan areas of Los Angeles and Long Beach. Umbrella insurance is helpful to protect your total net worth. It can extend the policy limits of other insurance policies. It may also offer specialized coverage that other policies do not have.
For example, a business may have $1 million in product liability coverage and product liability is a covered risk in their umbrella insurance policy that has a $5 million limit. If there is a product liability claim that must be paid, which exceeds $1 million, the umbrella insurance will back the claim with an additional $5 million in coverage.
Protection for Special Risks
Special risks that umbrella insurance may help with are protected from liability caused by a terrorist attack, cyber security, defamation lawsuits, harassment in the workplace, and many more. Having umbrella insurance is a terrific idea and may be more cost-effective if you own more than one business and/or operate in more than one location. Ask your agent about the details.
When you work with your agent at Western Republic Insurance Services in Huntington Beach, CA on an insurance review, your agent will help identify gaps in coverage. Gaps in insurance coverage are places where you may have risk exposure that you are not even aware of and there is an insurance solution to consider in order to better protect you and your business.
Call 888-467-1718 or use the convenient online contact form to make an appointment to discuss umbrella insurance coverage. Get an insurance review of your existing coverage and a quote for new insurance coverage.