Umbrella insurance is a supplement that can be added to a commercial or other type of primary insurance. Umbrella insurance becomes active once a person’s or entity’s primary insurance has been depleted. It will then pay any remaining amount owned, preventing the need to pay any excess out of pocket. If you’re new to umbrella insurance and own a business in Brownsburg, IN, you might wonder if all business owners need this type of insurance. Here is an overview that explains the answer to this question.
Determine How Much Your Business Is Worth?
If your business is worth quite a bit, you might seriously want to consider purchasing an umbrella insurance policy. If you’re ever sued, your primary insurance may not pay the entire amount of damages awarded to the plaintiff. An umbrella plan would pay for the excess, preventing you from needing to find money that you don’t have. However, if your business is small and you recently started it, umbrella insurance might not be necessary. Of course, it’s always a good idea to have, but new businesses are often looking for ways to cut costs. Though umbrella insurance isn’t typically expensive, it might be unnecessary for a new business.
While all businesses aren’t required to have umbrella insurance, it’s a great supplement that can give any business owner peace of mind. If you’re a Brownsburg, IN, business owner considering adding an umbrella insurance plan to your existing policy, you should call us at Grove Insurance Agency. We pride ourselves on providing reliable coverage and customer service. Contact us today for a quote so we can get you started.