5 Things To Know About Commercial Umbrella Policies
In today’s society, people will sue for just about anything imaginable. According to Yahoo lawsuits are becoming more and more outrageous by the day and there is really no end in sight. Some funny, yet completely ridiculous cases include:
- Man sues dry cleaner for $76 million for losing his pants
- Woman sues Google Maps for bad directions
- Man sues Michael Jordan for looking like him
- People sue the Scientific Method (as a whole)
- Man in phone booth hit by drunk driver sues phone company
And the list goes on…but seriously it’s more important today than ever to have the proper Commercial Umbrella Insurance Policy in order to protect your business,employees, building and customers. Typical Commercial Insurance coverage is pretty cut and dry depending on the type of business you run, and should be well explained to you by your California Business Insurance Agent.
Commercial Umbrella Insurance protects you when accidents happen to your existing liability insurance coverage and you go beyond coverage limits. The standard business liability coverage will take care of typical situations any business faces, but when a serious accident, lawsuit, or incident happens that is abnormal the Umbrella will step in to be sure your business and assets are covered and protected.
For example,if you’re standard commercial insurance policy covers your business up to $1 million and you are sued for $1.5 million, your Commercial Umbrella insurance coverage will bridge the gap and cover the outstanding cost of $500,000. For any business this is important, but especially a small business with minimal income and annual revenue.
If you have any questions or are interested in adding a Commercial Umbrella policy to your small business’ coverage, give Remland Insurance a call TODAY at (714) 532-3341 or visit out Virtual Insurance Office online.