Umbrella insurance isn’t something that is commonly thought about when you’re trying to set up a business, but it can be one of the most valuable coverages that you’ll ever invest in. If your business falls into any of these categories, then it may be a good idea to look into umbrella insurance.
- Manufacturing. Product recalls can easily put a small or medium-sized business in bankruptcy court. Umbrella insurance policies can provide funds to replace or repair damaged products, as well as additional funds to cover any settlement payment. Some policies are even written so that lost sales and other secondary expenses as the result of the recall are compensated for.
- Residential Services. Plumbers, electricians, and general contractors are prone to lawsuits due to the dangerous nature of their work and the high number of clients that they interact with. Umbrella insurance will cover the costs to hire legal counsel, and can even help to pay off a settlement. Keep in mind that every insurance policy is written so that it can be tailored to the specific needs of each client. That means that your policy will provide coverage limits that make sense for your specific business.
- Retail. Odds are you have a lot of money tied up in your inventory and you rely heavily on foot traffic for the majority of your sales. This can make a natural disaster very dangerous for your business. While other policies may cover physical damage to your property, only umbrella insurance can provide compensation for missed sales and damaged inventory.
If you’re thinking about an umbrella insurance policy for your business, call the professional insurance agents at ALLConnecticut Insurance. They can help you to craft a policy that meets your needs.