Most people know very little about umbrella insurance because they have not used it before. It offers wide protections, and the policy maximums may seem too big for a small business. When you purchase an umbrella policy for your Uniontown, OH small business, Bonvenuto Financial Group LLC will commonly offer protection for a minimum of $1 million.
Small Business & Umbrella Insurance
Some small businesses don’t have much in the way of assets yet. That $1 million amount is far more than the business expects to make in the first year or even in the first 5 years. However, you may want to think about how an umbrella policy could be the key to giving your new business the freedom to grow.
If someone is injured on your business property or because of one of your products or services, they will probably file a claim against your company. Your insurance company may have to pay out on the claim up to your policy limits. However, your protection ends as soon as you hit that maximum.
So say your maximum coverage is $100,000 for personal injuries, and several people get injured in one accident; Even though you didn’t mean to do anything wrong, you are suddenly responsible for all of those medical bills, medications, physical therapy, time off from work, and even legal fees. If you have an umbrella policy, it will kick in as soon as your regular insurance maxes out.
We Are Here To Help
If you have a good advisor, you have already separated your personal finances from your business. But without an umbrella policy, one accident could wipe out your entire business. If you want to add extra protection to your Uniontown, OH small business, call Bonvenuto Financial Group LLC today.
