In today’s business world having a general liability plan for your business may not provide enough coverage to protect your assets. Not having enough coverage for your Georgia business could leave your business vulnerable.
Depending on the type of business you operate, you could be at risk from one of the increasing number of lawsuits that are filed each year or some other unforeseen occurrence. Commercial umbrella insurance is intended to pick up where your general liability, commercial auto or employer’s liability policies leave off.
There are many places where a commercial umbrella policy can come in handy. For example, if you operate a contracting company and have a situation where a client’s home becomes damaged by a contractor and your equipment, the payout may exceed what your existing liability coverage protects. With an umbrella policy, you can recoup these losses and continue running your business as usual. Without an umbrella policy, your income and physical assets are at risk.
Umbrella Coverage Options in Acworth, Georgia
How much insurance coverage does your business need? There are a number of factors to consider.
- Type of business you own — different businesses carry different risks. Things like heavy or customized machinery, traveling with specialty tools, working in offsite locations, and other factors contribute to your overall risk.
- Type of coverage you have in place already — depending on your industry and coverage requirements, you may already carry specialty coverage. But this still may not be sufficient to cover your assets in the event of a lawsuit.
- The assets you’re looking to protect — very expensive, specialized equipment, like that used in manufacturing or the medical setting may require coverage beyond what the average policy may protect.
- Any risks that are not completely covered — your business is unique and may have additional risks that aren’t listed here.
Without the proper umbrella coverage, you risk having to pay out of pocket for lawsuits, medical expenses or other damages that your current policies don’t cover. At GracePoint Insurance, our business insurance experts understand the unique risks that your business faces and can customize a commercial umbrella policy to protect your assets. Contact us at 678-224-9333 to learn more!