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Why Should I Consider a Business Umbrella Policy?

By February 4, 2020March 31st, 2020Interesting Topics

As a proud business owner, it’s your job to consider the “what-ifs” for your business. Of course, you don’t want to think about the worst… but in order to be prepared, it’s a necessity. No matter how careful or cautious you and your employees are, accidents do happen – and sometimes they can be serious.

If you experience a catastrophic accident, things can get costly… and fast. That’s where your ERIE agent and ERIE’s Business Umbrella Policy can help.

WHY DO I NEED A BUSINESS UMBRELLA POLICY?

This specialized policy can kick in with extra financial protection against a legal judgment for a covered loss. Business umbrella liability offers a cushion above and beyond the limits of your commercial general liability, professional liability, business auto liability and employer’s liability insurance.

Business umbrella insurance could help you when facing a serious and costly claim, for example:

  • One of your drivers causes a very serious accident and a suit is filed against your business.
  • A fire starts at your owned location and damages several other buildings in the surrounding area. A suit is filed against your business for the resulting damage.
  • Your business gets sued because a customer is injured by a product he or she purchased through your business.
  • A competitor claims you made false or malicious statements about their business in public or in an advertisement and decides to take legal action.

A major claim, like those mentioned above, could threaten the very existence of your business. And if a claim is serious enough, it could even have the potential to put your own personal assets — like your home and your retirement account — at risk.

Read more from Erie:

https://www.erieinsurance.com/blog/business-liability?