Michael E Weintraub Esq – Business Umbrella Insurance: Do You Need It?

Michael E Weintraub Esq – Business Umbrella Insurance: Do You Need It?

As a business owner, you know that there are numerous risks associated with running a business. From financial damages to property losses, unexpected events can occur anytime and put your entire operation at risk. That is why it is so important to be prepared for such scenarios by investing in the right types of insurance coverage. One of the most overlooked policies among business owners when constructing their comprehensive insurance portfolio is umbrella insurance – which provides extra liability protection beyond your regular policy limits. In this article, Michael E Weintraub Esq discusses what umbrella insurance is, how it works and if you need it for your own business venture. Read on to learn more!

Michael E Weintraub Esq – Do You Need Business Umbrella Insurance?

According to Michael E Weintraub Esq, business umbrella insurance is a type of liability coverage that protects your business assets if you are sued or held liable for something associated with your business. It helps protect against judgments and settlements that exceed the limits of existing policies, such as general liability, commercial auto, and workers’ compensation insurance. Business umbrella insurance can be an important part of any comprehensive risk management plan.

When selecting business umbrella liability insurance, it is important to consider the limit of coverage available in other policies and make sure that the policy extends the protection up to the total amount desired. For example, if you have a $1 million general liability policy and want $2 million in coverage overall, you would need to purchase a $1 million dollar business umbrella policy to extend your coverage.

Business umbrella policies typically provide coverage for a variety of scenarios. These include claims related to bodily injury, property damage, libel or slander, advertising injury, and personal and advertising injury liability. Depending on the provider and policy terms, other perils may be covered as well.

Umbrella insurance can also be useful if you are worried about lawsuits from disgruntled employees or customers who feel they were wronged by your business in some way. As such, Michael E Weintraub Esq recommends that business owners review their risk exposure regularly and consider purchasing additional umbrella coverage when needed. Business umbrella insurance can help financially protect a company in the event of an unforeseen lawsuit or unexpected costs resulting from another claim against them— even those brought up years after the incident in question.

Michael E Weintraub Esq’s Concluding Thoughts

In short, business umbrella insurance can provide crucial protection for businesses that may be facing a large settlement or award in a liability lawsuit or other claim and is an important part of any comprehensive risk management plan. It is always a good practice, as per Michael E Weintraub Esq, to review your existing policies and consider the need for additional coverage on a regular basis. Doing so will help ensure that you’re prepared for the unexpected should something go wrong with your business.