Businesses today face plenty of different challenges throughout their existence, and overcoming those challenges is a must if you want to ensure that your business thrives. One thing that you’ll have to pay attention to is a risk that is easy to overlook – the risk of liability lawsuits costing your company thousands.
No Pacific Palisades, CA business owner expects to end up dealing with a loss or lawsuit that goes beyond their initial business insurance – after all, businesses carry liability insurance specifically for this very event. But often, in today’s business world it’s far too common for businesses to fail to carry enough protection to properly keep themselves safe.
A single event can have a huge impact on your business’ future, and finding the right level of protection is important. Umbrellas insurance for your Pacific Palisades, CA business may be the solution here.
What Is Umbrella Insurance?
Umbrella insurance is a type of liability insurance coverage that can be purchased separately from your basic liability policy. It’s an add-on – and an important one. Essentially, this type of insurance adds more financial protection for your business. In the event that insurance is needed and a claim is filed, your umbrella insurance policy will pick up the remainder of what isn’t covered in the initial policy.
This extends your protection, and since umbrellas insurance is incredibly affordable it’s easy to add it to your portfolio and relax knowing that you’re protected completely.
The Big Need For Umbrella Insurance
When you understand what umbrella insurance is, it’s easy to understand why it’s so important to have. Let’s say that you own a store and someone is injured in an accident on your property. The injured party files a lawsuit.
You could end up having to pay hundreds of thousands of dollars. And when you consider that the average liability insurance policy doesn’t usually provide hundreds of thousands or even millions of protection, it’s clear that you have to look elsewhere.
With umbrella insurance, you have that protection. Let’s say that you end up owing 2 million dollars in damages for some reason, but your existing policy only covers $500,000. Instead of paying the remaining $1.5 million out of pocket, you will file a claim on your umbrella insurance policy which will then pick up the rest.
And since you can get a Pacific Palisades, CA umbrella insurance policy that offers up to $10 million in protection for far less than a basic insurance policy, it’s not hard to see why it’s a smart choice any business should consider.
Getting The Protection Your Business Needs With Umbrella Insurance
Keeping your Pacific Palisades, CA business protected is important for your peace of mind as well as your business’ future. As such, it’s vital to find a good umbrella insurance policy that takes your liability coverage to the level it should be at. Contact Panorama Insurance Agency today to learn more and to get your quote.