Small business owners work too hard building a successful business to have it undercut by costs associated with unforeseen events like accidents or third-party lawsuits. Damages from such accidents and lawsuits can exceed the $1 million limits of typical commercial insurance policies. Umbrella insurance is an affordable solution to protect the personal and professional efforts of small business owners and their livelihoods.

Why Do I Need an Umbrella Policy?

Employers go to great lengths to address workplace safety and accident prevention, but a catastrophic accident resulting in injuries to customers or vendors could jeopardize many small businesses that don't have enough capital to recover.

The increased expense of accidents continues to rise due to the increase in medical costs and tort costs.  Since 1970, tort expenses have climbed from $14 billion to $265 billion with small business incurring more than 75 percent of the bill.  Some of these expenses are covered by small business insurance policies, but many still don't have the right amount of coverage.

What Can I Do to Get Umbrella Coverage?

Wondering if your small business doesn't have umbrella coverage or enough coverage? Speaking with an independent insurance provider can provide some helpful insights on recommending insurance providers with umbrella coverage experience. Some larger insurance providers have policies that involve tort costs or medical expenses.  Some also offer crisis management support for public relations firms to help handle PR problems during a lawsuit.

When Should I Get Umbrella Coverage?

Now!  There is no magic time for your business to acquire additional insurance coverage.  The costs of purchasing, or increasing, umbrella coverage is likely to be lower than you think, so the time to start planning is now.