How To Protect Your Business With Umbrella Insurance

When a Saint Paul, MN business is looking to protect themselves over the short term and long haul, Rising Star Insurance is here to help. The concept of umbrella insurance may be a difficult one to understand but there is no shortage of benefits to be enjoyed. A company that does not have umbrella insurance is leaving themselves exposed to major lawsuits that can wipe out a business completely.

Saint Paul, MN businesses that have already obtained insurance may wonder if umbrella insurance is truly necessary. In order to preserve assets and property, umbrella insurance is one of the key components of this process. Let’s take a closer look at the following benefits:

Property Damage

A garden variety insurance will not provide the protection that a business owner requires in these instances. If property damage takes place and there is no umbrella insurance policy to speak of, a business owner is often forced to shoulder the full financial burden. This is especially crucial when the costs exceed a general liability plan. 

Bodily Injury

Any business owner that has opened their company to the general public will need to purchase an umbrella insurance policy. The typical policy is only able to offer coverage up to a certain number. If bodily injury occurs on the premises, the business owner remains liable for what has taken place….even if their policy cannot offer the necessary assistance.

Offsite Damages

Let’s say that the company employs workers who are responsible for offsite jobs. When one of these employees has an accident or incident that causes damage, an umbrella insurance ensures continued protection. There are increased liability risks associated with working offsite that have to be addressed in a proactive manner. 

If you have any further questions about the best ways to protect a business with umbrella insurance, be sure to stop by Rising Star Insurance and receive a free quote with no obligation.