Florida Excess Liability & Umbrella Insurance
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Use Excess Liability And Umbrella Insurance To Protect Your Small Business
The cornerstone of the American Dream has always been the idea or the concept of being in business for one’s self, to be the master of your own fate, and to be your own boss. And every year, thousands of people embark upon this dream in order to realize a new and better life for themselves and for their families. But owning and operating your own small business venture is no easy task, and it requires of you a lot of time, toil and treasure to manage successfully.
And, given the nature of these dark economic times, it can be exceedingly difficult for a person to get their bottom lines into the black, due to the suppressive nature of the prevailing business environment. Given all of that, though, the course of business should go on, and it is in the best interests of your company to ensure that its financial future is placed on solid footing. The primary method of accomplishing this is through the procurement of multiple layers of insurance coverage.
This is because, even if you have an insurance policy that protects you for certain things, to a particular level of liability, basic and even comprehensive coverage is often not enough. This is why you need an additional excess liability or umbrella insurance policy.
This type of policy is an additional layer of protection against many different types of liability claims that could potentially be filed against you in the course of your business operations. If a customer or an employee of your is injured on your property during business hours, chances are the basic liability coverage will not cover you completely if the injury or the damages are extensive.
This is where excess liability coverage or umbrella coverage comes in handy. It is an additional level of coverage that can help cover the damages from claims that your initial insurance policy cannot pay. And, since it is under the auspices of an additional policy, the premium itself will not likely be all that high, but that really depends on the nature of your business, the amount of coverage you require and all of that.
As an example, say that your business is a service industry business and a customer of yours is injured due to employee negligence. You have a basic insurance liability policy that will cover up to $500,000, but the claim for damages totals more than $1 million. In this case, excess liability or umbrella insurance coverage will cover the damages that the initial insurance policy does not. Without that liability insurance, you and your business would be on the hook for that additional $500,000-plus. Can your business really afford that, in these harsh economic times?
Excess liability insurance or umbrella insurance is an incredibly useful type of coverage that can bridge the gap between what basic insurance will cover and what many damage claims actually require. With a floundering economy and the price of everything rising, damage claims are rising with them. Traditional insurance is simply not enough to protect your business.
There is much more to an Excess Liability Insurance Policy in Florida, and the best way to understand how it will further protect your business is to Request a Quote to discuss your unique situation.
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