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Umbrella insurance can seem complicated at first, but it is much simpler than many people assume. One of the most common questions is whether umbrella insurance is available only for individuals or whether businesses can also benefit from it.
The Atlas Insurance Agency, serving Southeast Michigan, is here to clear up any confusion you may have about umbrella insurance.
Umbrella Insurance Eligibility
Every insurance policy has limits. When a major claim exceeds those limits, umbrella insurance helps cover the remaining costs. This added protection can prevent significant financial strain.
If your business reaches the liability limits on its commercial insurance policy, a commercial umbrella policy can provide the additional coverage you need. Both individuals and businesses are eligible for umbrella insurance, and both can benefit from its extended protection.
Commercial Umbrella Insurance
Researching umbrella insurance options will show that businesses can obtain commercial umbrella coverage for many of the same liability risks individuals face. This may include coverage for property damage, bodily injury, personal injury, and certain claims related to advertising or intellectual property.
Commercial umbrella insurance supplements your existing business insurance by providing extra liability protection when your primary policy has been exhausted. It offers added security for unexpected or high-cost claims.
The Risk of Limited Coverage
Operating without commercial umbrella insurance leaves your business vulnerable. A single lawsuit that exceeds your policy limits could cause severe financial hardship or even force your business to close. Umbrella insurance helps safeguard your assets by covering those large, unexpected liability costs.
Atlas Insurance Agency Is on Your Side
Atlas Insurance Agency proudly serves Southeast Michigan and offers fair, affordable umbrella insurance coverage. Contact us at 248-545-7500 to learn more about your options and request a quote.