Running a business in Portland, ME, comes with its share of risks. Fortunately, umbrella insurance can provide an extra layer of protection against potentially devastating problems. Understanding what umbrella insurance covers and who benefits most from it can help you decide if this type of coverage is right for your business.
What Is Umbrella Insurance?
Umbrella insurance increases the coverage limits of certain commercial insurance policies, offering additional compensation in the event of an unfortunate incident. In some cases, umbrella insurance may also cover perils that are excluded from your standard commercial insurance policies.
Who Needs It Most?
Businesses with Valuable Assets
Umbrella insurance is ideal for businesses that own expensive assets. It can increase liability limits for both commercial property and commercial auto insurance, ensuring your valuable investments are adequately protected.
Businesses with High Liability Risks
Brick-and-mortar businesses that welcome significant foot traffic face a higher risk of accidents. Whether it’s slips, falls, or other incidents, umbrella insurance ensures there is sufficient coverage for serious accidents or situations involving multiple people at your location.
Businesses in Industries Prone to Lawsuits
Certain industries, such as healthcare, technology, and manufacturing, tend to experience a higher incidence of lawsuits. Umbrella insurance provides the coverage needed for legal costs, settlements, or judgments against your business, helping you navigate these challenges without financial strain.
Call Noyes Hall & Allen Insurance for More Information
Noyes Hall & Allen Insurance specializes in helping Portland, ME, business owners find the best insurance coverage at competitive prices. Contact us today to learn more about how umbrella insurance works or to request policy quotes.