Category: Commercial Insurance

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. 

As a small business owner, you work hard to protect all that you’ve built, and you watch your finances carefully to ensure that you’re spending every penny wisely. It can be tough to decide whether umbrella insurance is a smart investment for your business. Here, we’ll take a look at what you need to consider when deciding whether umbrella insurance is the right choice for you. 

Are You Likely To Be Sued?

Umbrella insurance covers your business in the event that you’re forced to pay out an amount greater than the value of your business. If you’re a healthcare practitioner, the likelihood of being sued may be greater than if you’re a home baker. Talking with an insurance agent can help you determine the liabilities involved in your line of work. 

Are Your Current Insurance Policies Enough?

If your current insurance policies provide enough coverage for your business, it’s possible that you may be able to forgo purchasing an umbrella insurance policy. As your business grows, however, it will become more likely that you’ll outgrow your current insurance policies. 

It can be a smart idea to work closely with an insurance agent who understands the growth of your business and can help you choose insurance products that make sense as your business evolves. The greater your business growth, the more likely it is that you’ll need an additional insurance product (such as umbrella insurance) to keep you and your business protected.

Ready For Umbrella Insurance? Reach Out To Grove Insurance Agency Serving Brownsburg, IN

If it’s time to protect your business with umbrella insurance, reach out to Grove Insurance Agency, Serving Brownsburg, IN today. 

If you are interested in being your own boss, starting your own business could be a great option. One city that offers a lot of potential and opportunities for small business owners is Brownsburg, IN. While you can be very successful with your business in this area of Indiana, there are still risks that you need to mitigate as well as possible. One way that you can mitigate some risks is by getting a commercial insurance policy, as it can protect your business in several ways.

Insurance Provides Liability Protection

One way that your commercial insurance policy can protect your business is by providing you with liability protection. A small business is going to regularly take on liability risk. If you ever sell a product or service and someone gets hurt through the process, you could be responsible and will need to cover damages. Fortunately, you are able to get a commercial policy that will give you protection against this risk. 

Protects Business Assets

Another advantage of a commercial insurance policy is that it can protect all assets of your business. Any business is going to own a variety of assets, which can include equipment, inventory, or office furniture. Losing these assets to a fire or other form of loss could be financially challenging. Fortunately, you can get commercial insurance, which will provide protection against this loss. 

As you are shopping for insurance in the Brownsburg, IN area, you should reach out to the team at the Grove Insurance Agency. Picking an insurance policy for your company is always a big decision and can seem complicated. As you are shopping for insurance here, the Grove Insurance Agency can assess the needs of your business and help you to build a policy that offers the right type and level of coverage.