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If you run a business of any kind-especially one that comes into contact with clients-then you should look into purchasing commercial or business umbrella insurance. This type of insurance is a secondary "excess liability" policy that protects business owners from lawsuits with settlements exceeding their usual insurance policies. Certain businesses are at higher risk of being sued for large amounts-bars, restaurants, sports arenas, large office buildings, and anywhere large amounts of people gather and may potentially be injured or otherwise harmed.
Sometimes accidents can happen in your businesses that are not directly your fault, but a court may decide that you are responsible for the financial damages. Your building may have a leak that results in personal injury to an employee or client, or one of your employees may give some bad advice that leads a client to sue. The potential is endless, and as the owner, it makes sense to cover all your bases.
Commercial or business insurance usually covers a variety of situations, including personal injury, contractual liability, liquor law liability, and extension of coverage to other insured parties like employees and business partners. Most umbrella insurance policies start at a $1 million limit and increase from there, depending on your assets and risk.
Your umbrella policy limits and terms will vary across different insurance providers, and you should look around to find the policy that best suits the needs of your business. In addition to the added financial protection, commercial or business umbrella insurance provides additional peace of mind. If someone sues you beyond what your traditional insurance policy will cover, you will be able to keep your doors open.
