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Why Should I Consider a Business Umbrella Policy?

By April 23, 2024Insurance

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 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.

You’ve worked hard to build and grow your business. We can help protect it.

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.

What Erie Insurance Offers

ERIE’s Business Umbrella coverage, called a Business Catastrophe Liability Policy, offers your business $1 million or more of extra protection above your primary Erie Insurance policy’s liability coverage for a covered loss.

ERIE’s business policies also give you access to a variety of resources including:

  • Coverage for legal costs to defend a covered claim.
  • Assistance from a risk control consultant who can recommend measures to help you identify, manage and reduce your business’s risks. (Learn more about our risk control services.)
  • Access to online disaster planning and business continuity tools through the Institute for Business and Home Safety’s “Open for Business” program.

We can help you look ahead

Business umbrella insurance is probably more affordable than you think. Talk to your local ERIE agent about adding business umbrella insurance to your current business policy. He or she will talk to you about affordable options that can work for your business.