Besides worrying about making payroll and increasing sales, small business owners say that what keeps them up at night is worrying about being sued. There are plenty of good reasons to worry about this. Statistics about lawsuits in America show that businesses have a 100% probability of facing a lawsuit if they have been operating for more than a few years. In other words, it is not about if the business will be sued, it is simply a question of when it will be sued.

Protecting Your Net Worth

As a business owner, you are at risk of losing your business and potentially losing everything you have if there is a lawsuit against you and you lose. Statistic show that 75% of these lawsuits experienced by small businesses are frivolous. Even those may represent significant expenses in legal fees that are needed to be paid to protect yourself. The insurance solution that may provide protection for some of these risks is umbrella insurance.

How does umbrella insurance work?

Umbrella insurance extends the policy limits of other policies that are covered by the umbrella insurance. For example, a business may have a $1 million policy limit on commercial vehicle insurance. If the business loses a lawsuit and the claim is more than $1 million, umbrella insurance may cover the difference. If the business also has umbrella insurance coverage, which extends the commercial vehicle insurance policy limit, it will pay the amount of the claim over $1 million up to the limit of the umbrella insurance.

Typical umbrella insurance limits are in the many millions. Frequently, umbrella policies are $5 million or more. Umbrella insurance may cover the cost of legal expense and risks that are not covered by other policies.

Work with your agent at Focus Insurance, serving Eureka, MO and the surrounding area to design a custom solution of umbrella insurance coverage to protect your net worth, which provides protection for the risks experienced by the business.

Contact your agent at Focus Insurance in Eureka, MO by calling toll-free 866-523-6287 to get a quote for umbrella insurance.

When it comes to protecting your home and family, insurance is a significant investment you need to take advantage of. There are a number of insurance possibilities, each with many advantages, including umbrella insurance. At Focus Insurance, our team is here to assist you with all of your insurance needs, so whether you live in Eureka, MO or the surrounding communities, we want to make sure you’re covered. 

What does Umbrella Insurance do?

You invest in specific insurance coverage for varying aspects of your personal and professional life. You have home owner’s insurance, car insurance, boat insurance, and other kinds of coverage based on what you own. However, these kinds of coverages only provide certain levels of liability insurance. If someone slips and falls while they are inside of your home, or walking past on the sidewalk, you may be held responsible and not have the kind of financial assets available to pay for the legal costs. 

This is where umbrella insurance comes in. It provides coverage for everything you own, such as with your boat, car, or your home (it is called umbrella because it covers everything). If you are curious as to whether umbrella insurance is right for you and what you own, you can talk it over with your insurance agent and go over all the details. This way, you’ll know if it is a kind of policy you should add. 

Umbrella insurance is a valuable addition to add to your insurance portfolio. You need to determine what is best for your personal and household needs. Whatever your needs may be, the team at Focus Insurance is here to assist you. So whether you live in or around Eureka, MO, all you need to do is pick up the phone and give the team a call.