Umbrella insurance isn’t a commonly talked about type of insurance, but it is one of the most important investments a business owner can make. Umbrella insurance covers businesses when other types of coverage just won’t pay for damages. In fact umbrella insurance comes in handy for these type of situations.
- Sale losses from a natural disaster. While your building, equipment, and vehicles are protected by other insurance policies, there is nothing that can reimburse you for lost sales that happen during a natural disaster. Umbrella insurance policies can be written to provide you some funds to make up for the lack of business.
- Product recalls. It can be next to impossible to predict when a bad shipment of a raw material or a minor design flaw could cause major problems with a product. If a product has to be recalled, your business has to absorb the cost. Umbrella insurance will reimburse you for these expenses.
- Customer lawsuits. Getting sued by a former customer or client can be one of the most stressful things that your business has to go through. Fortunately, an umbrella insurance policy can help in a number of ways. The policy can provide funds for legal counsel or in some cases provide a lawyer to you. Once the case is resolved, an umbrella policy can provide funds to pay the settlement.
Umbrella insurance is one of the most useful coverage that a small business can have. If you’re interested in buying a policy, contact the insurance agents at Pizano Insurance. They have years of experience helping business owners write umbrella policies that meet their specific needs.