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Although liability insurance is important for all business owners, it can fall short in some ways. An umbrella insurance policy will pick up where conventional liability policies lapse, which is why the Chanler Agency in Geneseo and Livonia, NY, urges its clients to insist upon comprehensive coverage. This esteemed insurance agency can provide the information you need as a business owner to ensure your enterprise remains protected.

What Is an Umbrella Insurance Policy?

Umbrella Insurance PolicyAn umbrella insurance policy can serve as an extension of your business’s existing liability policy. That means, if your business is privy to a lawsuit and the amount exceeds what your liability policy would typically cover, your umbrella policy would make up the difference. Despite the standard group of policies (which often includes things like general and employer’s liability), this insurance may not be adequate in all cases. In fact, umbrella insurance typically offers double what liability policies afford, with minimum coverage up to $1 million.

How Can It Be Beneficial for Your Business?

There are quite a few ways an umbrella policy can benefit your business. If the net worth of your business is on the higher end, you may be faced with exorbitant lawsuits, and an umbrella policy is well-suited to these higher amounts. Additionally, implementing an umbrella policy is usually less expensive than extending your current insurance. To this end, it may actually help you save money in the long run. Umbrella insurance can also offer coverage for claims that may not be covered under general liability policies.

When seeking an affordable and effective umbrella insurance policy, the Chanler Agency is your go-to choice. Call the Geneseo office at (585) 243-5520 or the Livonia location at (585) 346-3118. If you’d like more information on the different types of business insurance currently available, visit their website.

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