Every business in Pismo Beach, CA that plans on remaining competitive in any industry needs to have umbrella insurance. The policy offers extra protection from liabilities that could threaten the stability of your business. The policy extends over other policies such as general liability, professional liability, commercial auto insurance, etc. If you’re wondering whether you need to buy umbrella insurance for your business, Neff & Associates Insurance Services Inc will answer all the questions you might have.
While any business can benefit from umbrella insurance, businesses that run on commercial properties can benefit more from umbrella insurance. Commercial property means inviting other people into the business property. If someone gets injured on this property, you risk getting sued for medical expenses, lost income, and pain and suffering by the victim. Your general liability might not be adequate to cover all the medical expenses, and that’s where commercial umbrella insurance comes in.
If you or your employees work on people’s property, such as renovating homes or businesses, your business is at risk of getting sued for accidental property damage or injuries. Without adequate liability coverage, you might be forced to pay the funds out of pocket.
If you’re a contractor in Pismo Beach, CA, you might miss out on some government contracts if you do not have umbrella insurance. This policy helps provide assurance to your clients that you will be responsible for any damages or injuries that might result from your business operations.
You need umbrella insurance more if you run a risky business. Almost all businesses carry a form of risk unless it is a home-based sole proprietorship without direct contact with clients, employees, or subcontractors. Even if this is your case, you can still be sued by your clients, and professional liability or general liability may not always be adequate to cover the legal fees.
To learn more about commercial umbrella insurance, contact Neff & Associates Insurance Services Inc, and we will be happy to answer any questions you might have.