Umbrella insurance isn’t a replacement for other forms of business insurance coverage. Instead, it increases policy limits to provide extra compensation should the need arise. Many Scottsdale, AZ, business owners can benefit from purchasing an umbrella insurance policy for a business.
Signs You Need Umbrella Insurance for Your Business
Umbrella insurance provides added liability coverage if someone sues you, and you must pay a judgment or a settlement. Companies in industries with a high incidence of lawsuits should always carry umbrella insurance. Such industries include construction, manufacturing, healthcare, and retail companies. However, these aren’t the only industries that need umbrella insurance. Any company open to the public is at risk of a high incidence of lawsuits. This is especially true if the company gets a lot of foot traffic.
If your business works on a client’s property, having umbrella insurance is a smart idea. It’s too easy for an employee or contractor to accidentally damage someone’s valuables when performing tasks such as cleaning, painting, landscaping, installing a new pool or fence, etc. Alternatively, it’s easy for someone to sue you for damage even if the item in question wasn’t in good condition or was broken before you arrived. While you could take the case to court, the bad publicity could wreak havoc on your business. This is why many business owners settle lawsuits out of court.
Contact Homeowners Insurance Group for More Information
Homeowners Insurance Group takes pride in helping Scottsdale, AZ, business owners select the business insurance policies that best meet their needs and budget. Contact us to find out more or to get a policy quote.
