Determine If an Umbrella Policy Will Benefit Your Business

The Role of Umbrella Insurance in Your Business

As a business owner, it is critical to understand the benefits of umbrella insurance. If your business poses a greater risk for potential lawsuits, you may want to consider the added protection that umbrella insurance offers.

Understanding Liability Coverage

Evaluate the degree of potential liability risks associated with your business. Past incidents at your establishment can serve as indicators of the need for increased insurance coverage. A standard liability insurance policy offers protection against possible lawsuits. It’s necessary to review your existing policy to understand the extent of your current liability protection.

Assessing Risk Levels

Determine potential risks within your business that could lead to lawsuits. Factors such as chemical storage and the use of heavy or risky machinery should be examined. Higher-risk activities may require additional liability protection through umbrella insurance.

Opting for Formal Inspection

An insurance inspection can be beneficial in assessing the current state of your premises. The resulting report can guide you in implementing necessary safety upgrades to your business, possibly before opting for any additional coverage.

Consultation With An Insurance Agent

Before making a decision regarding umbrella insurance, we recommend consulting with one of our experienced agents at Patrick McNealis Insurance and Financial Group. Our expert team in the Emmaus, PA region can help you navigate through various insurance options and help select the best umbrella coverage for your business.