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Questions You Should Ask Your Insurance Agent About Umbrella Coverage

Many business owners add umbrella coverage to supplement existing coverage in a basic plan. Since every business insurance plan needs to be customized, it’s important to ask the right umbrella insurance questions before deciding on a policy.

5 Questions You Must Ask About Umbrella Coverage

  1. How Much Coverage Do I Need?

    One of the most common umbrella insurance questions involves how much coverage is needed for a business. It all depends on the level of risks your operation poses in terms of injuries and damage. A business that involves lifting heavy inventory items has higher risks than a service that has little impact on human health. The size and location of your business will also be important factors in determining the amount of umbrella coverage you need.

  2. When Will I Need Umbrella Coverage?

    Any business can use umbrella coverage as a safeguard against unexpected disasters that aren’t covered by a standard business insurance policy. The main reason to get umbrella coverage is to play it safe to ensure there’s plenty of coverage, even for the worst disasters.

  3. Why Are Some Insurance Providers Better than others?

    Every insurance company sets its own policies and prices. More experienced firms are typically more reputable and reliable. When it comes to umbrella coverage, you need to work the details out with an insurer that can customize a plan for your business needs. If it seems the insurer doesn’t provide the options you need, don’t feel trapped. Remember, there are plenty of other choices online.

  4. What Else Can My Umbrella Provider Do for Me?

    The most helpful insurance agents point out risks your business faces that you may not have realized. It’s better to have extra coverage than not enough. Umbrella insurance extends coverage in ways that give you peace of mind. Your provider should be experienced in your industry and be able to point out all the potential risks you face. Certain types of umbrella coverage can pay a PR firm to rebuild your company’s image following a well-publicized disaster.

    A typical umbrella policy picks up coverage where another policy leaves off and then pays the remainder of a balance up to a certain limit. If your general policy has a coverage limit of $500,000, an umbrella policy might extend coverage up to $1.5 million.

  5. Can I Afford Umbrella Coverage?

    It’s wise to carry the appropriate amount of umbrella coverage based on the risks of accidents. You shouldn’t try to cut corners on insurance since all it takes is one mishap to come back and haunt you. One of the reasons many business owners buy umbrella coverage is because of the overall low cost of protecting valuable assets.

    The amount you pay for umbrella coverage relates to how much you care about the investment you’ve made in your business. An umbrella policy, despite providing thousands or millions of dollars in coverage, typically only costs a few hundred dollars per year.

Get the Best Umbrella Coverage with CF&P Insurance Brokers!

Umbrella insurance coverage is used by many businesses to extend coverage in their existing standard plans. Sometimes it’s the best way to protect your business from a long list of risks that affect the value of your assets. For answers to more of your umbrella insurance questions, contact our experienced agents at CF&P Insurance Brokers today!

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