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Do You Need Umbrella Insurance for Your Business?

Often, business owners opt to carry an umbrella policy in addition to their business insurance in Newark, DE. An umbrella policy is a secondary insurance that will take care of expenses that exceed what your regular coverage limits are. For example, if someone sues you following a slip and fall accident at your workplace, the umbrella coverage will protect your assets if the judge orders compensation in excess of your standard policy’s limits.

As your business grows and becomes more successful, having an umbrella policy becomes more important. A small business that’s just starting out may not have yet accumulated the assets that an umbrella policy is designed to protect. Umbrella insurance is a good way to safeguard your company’s forward momentum.

To determine whether it’s time for you to purchase umbrella coverage for your business, you’ll need to take a clear look at your company’s current standing. Are your insurance responsibilities growing? Is your operation becoming more profitable or acquiring more property? What is your exposure to potential liability? To help you answer these questions, the agents at Broadbent Insurance, Inc. are available for a consultation. If you need an umbrella policy, our company is ready to help you protect yours.