Underinsurance is a major problem for businesses all across the nation. Business owners can easily underestimate the amount of coverage necessary in case of an accident, a lawsuit, or a natural disaster, with catastrophic results. Insurance professionals, like those at Insurancequoteonline.com, can assist business owners in determining how much coverage is truly adequate. In most cases, the amount of insurance necessary to protect a business against the above factors will by far exceed required minimum coverage.
Sadly, the need for adequate business insurance coverage was clearly demonstrated in the aftermath of Hurricane Katrina in 2005. Many New Orleans businesses did not possess adequate insurance coverage. In fact, many businesses did not possess supplemental flood insurance at all, and their owners could only recover a small percentage of their investments, if any. This demonstrates the need, when considering types of business insurance, to consider all eventualities, no matter how elaborate they may seem.
If you, as a business owner, are faced with a situation for which it is necessary to file an insurance claim, you will be protected only for the amount stated in your policy. For example, if a customer slips and falls in your place of business and proceeds to sue your business for the amount of $2.5 million, and your general liability policy was only written for the amount of $500,000, your business will be liable for the remaining $2 million, as well as any applicable legal fees and court fees. While some larger corporations may have the capital to cover such a scenario, these kinds of figures make most small business owners lose sleep. That is why many small business owners who operate out of a brick-and-mortar establishment such as a storefront, or who work with the general public on a regular basis, choose to carry “umbrella” policies, also known as excess general liability coverage.
Excess general liability insurance exists as a supplement to general liability coverage, and can be purchased in amounts from $500,000 to $2 million or more. These funds are available to the insured in the event that the standard general liability business insurance does not provide adequate coverage in the event of an accident, natural disaster, or lawsuit. An insurance professional can help you determine what amount of excess general liability coverage is right for your business, and assist you in choosing the policy that is right for your business.
Do not let underinsurance stop your business in its tracks. Click for a free quote or call the insurance professionals at Insurancequoteonline.com at 516.294.1072 today. When you call Contractors Insurance.org, you can get free quotes for several different types of business insurance, including general liability insurance and excess general liability insurance, and learn about ways to protect your business with comprehensive business insurance. Contractors Insurance.org has been helping business owners find the right coverage for more than 25 years, and they can help you. |
