If you own a business, you know the value of protecting it with insurance, but you may not understand what umbrella insurance is or how it can help you. To bring you up to speed on the subject, Integrity Insurance Solutions, a trusted agency in San Marcos, TX, explains how this coverage option protects small businesses like yours. 

What Is Umbrella Insurance?

Umbrella insurance is a supplementary liability coverage that works in tandem with your existing business owners policy. It does this by extending your coverage limits and plugging gaps in your current policy. For instance, a typical business owner policy provides $300,000 of general liability coverage that pays for damages or medical care if you or an employee accidentally injures someone or damages their property. An umbrella policy typically raises that limit to $1 million or more and protects you against events excluded by traditional liability coverage, including libel, slander, and defamation of character.

Why Do You Need Umbrella Insurance?

Medical care is expensive, and even a short hospital stay can result in tens or even hundreds of thousands of dollars in charges. If more than one person is injured, those costs could easily double or triple. Moreover, the cost of defending a lawsuit is substantial, especially if your side loses. Legal fees, court costs, and judgment or settlement amounts could cripple your business. Umbrella insurance protects your company's assets and prevents a single, catastrophic event from derailing your financial future.

An umbrella insurance policy protects you against the possibility of losing your small business and livelihood due to an unfortunate accident. To discuss your coverage options with an experienced insurance professional, contact Integrity Insurance Solutions. In addition to commercial coverage, they also offer RV, home, and life insurance. Visit their website to view location details, or call (512) 396-2211 to request an insurance quote.