I’m a small business owner with one employee. Do I need umbrella insurance?

Many small business owners have a vested interest in protecting their assets and their profits. Business insurance provides a variety of different benefits for business owners. The team at The Merhar Agency LLC is dedicated to helping Willoughby, OH business owners get the coverage they need. 

What is Umbrella Insurance?

As a business owner, commercial/business insurance provides protection for accidents, lawsuits, business auto insurance, workers’ compensation, and more. However, there are times when an accident or a loss exceeds the maximum limits of a business insurance policy. This may not happen often, but it does happen from time to time. Umbrella insurance is designed to cover any loss or situation that the primary insurance policy doesn’t cover.

If your accident or loss exceeds the limits of your primary insurance policy, umbrella insurance will cover the overage. Sometimes, if an incident or accident isn’t covered under your business policy, umbrella insurance can act as primary insurance by covering this event/accident/situation. It should be noted that you must have business insurance to be eligible for umbrella insurance. 

I’m a small business owner with one employee. Do I need umbrella insurance?

As a small business owner, umbrella insurance is a good investment if you have assets that you’re concerned about protecting. If you have an accident, loss, or lawsuit, and the coverage limits of your primary business insurance are exceeded, umbrella insurance provides coverage. It’s impossible to predict the future. Umbrella insurance is essentially back-up insurance.

Umbrella insurance provides coverage when the limits of your primary insurance have been exhausted. Although you may not use umbrella insurance often or much at all, it’s good to have it. It’s not designed to be used as primary insurance. It’s actually insurance for your primary insurance.

Schedule A Consultation Today

If you have questions about umbrella insurance, call us at The Merhar Agency LLC in Willoughby, OH. We’d be happy to answer all of your questions.