Do you own a small business in the Avon Lake, OH area? If so, it is a good idea to consider purchasing umbrella insurance. What is umbrella insurance, and why is it important if you have your own company? Our team at Meiners Insurance has put together a brief guide to help you out.
Understanding Umbrella Insurance
As the name suggests, umbrella insurance extends liability coverage on your home and auto insurance to act as a canopy of additional protection. Should you find yourself the subject of a major lawsuit, this type of policy can help protect you and your personal assets. It is vital to have this type of policy if you own a home, have rental properties, or otherwise enjoy a moderate to high-income level.
Why Small Business Owners Need Umbrella Insurance
As a small business owner, you take on an increased risk versus someone who works for an employer. While you already have adequate commercial insurance to take care of any mishaps, there are times when the coverage available with those types of policies isn’t enough to take care of the whole claim.
In that case, you could be open to a potential lawsuit or other costly claims. The opposing side might try to seize personal assets as part of their settlement, which could mean losing your home or worse. While it sounds like an improbable situation, there are business owners all over Ohio who face this as a real possibility every day. In this instance, having an umbrella policy could help ensure that situation doesn’t happen.
Ready to learn how you can protect your personal assets as a small business owner? Meiners Insurance in Avon Lake, OH is here to help. Please contact us today to schedule an appointment.