Factor this in when deciding how much coverage you need on your Umbrella policy.
It could threaten your potential future income, too. So if you have an auto insurance policy with a 100,000 bodily injury limit, the umbrella policy is going to provide an extra layer of liability once your auto insurance limit is exhausted. For example, manufacturing and construction companies tend to see higher premiums for business umbrella insurance. The rates vary depending on the inherent risks involved in your business. How Would Loss of Future Income Impact You? It's important to consider that a significant lawsuit could cost you more than your current assets. Umbrella insurance is for excess coverage above your current insurance policy limits. Business umbrella insurance can cost anywhere from about 40 to 100 per month for 1 million in coverage.Generally, the higher the value, the higher the Umbrella policy limits you need in order to protect your finances, and you should at least have enough insurance to replace your net worth.
How Valuable Is Your Business Property? Take a look at all that your business owns – including real property, equipment, furniture and other possessions.These types of activities provide good reason for purchasing an Umbrella policy. How Risky Is Your Business? A business that produces a controversial product, engages in advice or consultation or one that has a hazardous work environment for employees (think manufacturing, or a business in which employees frequently operate motor vehicles) is likely at a higher risk of being sued for claims of liability.Navigating Your Business Through COVID-19ĭeciding how much extra liability coverage you need will depend on several factors, and an experienced independent insurance agent can help you decide what you need.
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