Umbrella insurance provides legal and other benefits, but its primary purpose is to extend the liability limits of underlying private and commercial insurance policies. Every policy has a coverage limit, capping the maximum payment for covered hazards. However, umbrella insurance comes into play when you or your company exceeds the cap, covering additional liabilities you may incur. If you have questions about how umbrella insurance can help you or your company, consider The Good Insurance Group LLC, which serves the Bloomsburg, PA area.
Which Professions Benefit from Umbrella Insurance?
Most businesses carry liability insurance that protects against injuries to people entering a business’s premises. Office-based professionals such as physicians and lawyers risk having someone fall and suffer injuries during an office visit. Likewise, auto dealers, retailers, and restaurants invite the public to their premises, risking similar accidents. Occasionally, accidents occur that produce liabilities exceeding their base policy limit, meaning the business or professional must pay the difference; those with umbrella insurance can depend on that policy to pay the difference.
Another set of businesses that benefit from umbrella policies are those that work on others’ property. Plumbers, electricians, and other contractors risk damaging property or injuring others. Similarly, delivery businesses and others that operate vehicles face liability for damage or injuries in work-related motor vehicle accidents.
Other businesses carry umbrella insurance due to contractual obligations with the government or private companies. Finally, businesses that risk legal action, such as libel or slander, benefit from umbrella insurance protection.
Working With The Good Insurance Group LLC
The Good Insurance Group LLC team serves the insurance needs of individuals and businesses in the Bloomsburg, PA market. Call (570) 213-3367 or stop by to schedule an appointment. We look forward to supporting your insurance needs.
