Are you thinking about starting a business? Then it might be a good idea to go ahead and purchase umbrella insurance from our DePaulo Agency team. Here’s what you need to know.
What is Umbrella Insurance?
You already have a personal level of liability coverage through your auto and home insurance policies. And, once you start your business, you’ll have liability coverage through your commercial insurance. However, there is still a chance that an accident involving your new endeavor could hurt your personal financial wellbeing.
An umbrella policy acts as an additional extension of your personal liability policies. If something happens with your business and you’re facing a lawsuit, your umbrella insurance acts as an additional layer of protection.
Is Umbrella Insurance Required for Business Owners?
No, there’s no mandate or rule that says umbrella insurance is required for business owners. The truth, though, is that it is always a good idea to have this type of policy. And this is only amplified if you’re in a line of work that involves meeting with customers at your location, doing work on their property, or if you have employees.
Depending on your industry, you might have a higher level of risk associated with how you make money. For example, if you own an auto repair shop or if you trim trees at customer locations, you have a higher chance of something happening than if you’re doing clerical work. If this is the case, you’ll definitely want to make sure you talk to your Scotia, NY insurance team about whether having an umbrella insurance policy is a necessity.
Our Scotia, NY Insurance Team Can Help
At the DePaulo Agency, we want to help you make solid decisions in protecting your new business endeavor. To learn more about umbrella insurance, commercial liability insurance, or any other type of coverage, please contact us today.