COMMERCIAL UMBRELLA INSURANCE FOR BUSINESSES IN WASHINGTON
Having commercial umbrella insurance from Applied Team Insurance can save your business from huge financial distress. It could even make the difference between staying in and going out of business.
WHAT IS BUSINESS UMBRELLA INSURANCE?
Like a personal umbrella, a business umbrella policy covers catastrophic loss. It protects your business when your existing general and/or professional liability policies can’t cover all the expenses of a covered claim. Your standard business liability insurance is adequate for most situations; the umbrella liability fills any coverage gaps.
WHY YOU NEED COMMERCIAL UMBRELLA INSURANCE
Owning a business is risky; going without proper insurance is riskier. Consider these possibilities:
• Your company serves too much alcohol at the holiday party. People leave intoxicated, resulting in personal injury or damages.
• Your commercial building has an undetected carbon monoxide leak and that results in injury/death.
• Your business is accused of failing to render the appropriate professional services.
An inexpensive business umbrella policy picks up where your business auto liability, general liability or other liability coverage stops. Umbrella insurance provides extra coverage against bodily injury and/or property damage.
To illustrate, let’s extend this example. Suppose one of these potential scenario occurred. Your business is successfully sued for $1.5 million. Your current standard business liability policies cover you for $1 million. Your commercial umbrella coverage pays the outstanding $500,000. This is the difference of losing your business and staying in business.
HOW BIG IS YOUR BUSINESS’S UMBRELLA?
The amount of commercial umbrella insurance coverage your business needs depends on many factors. The type of business you own and how much coverage you already have will impact your umbrella policy choices. Because this is a complex decision, it’s important to discuss which commercial umbrella policy is best for you with an API agent.
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Vancouver, WA 98662
Fax Number: 360-258-1026
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