You might think an umbrella insurance policy is just for the big corporations, but consider this:
• Your small dry wall contracting firm forgets to adequately secure the jobsite & some kids trespass overnight & slips through the 2nd story. The kid’s parents sue your business for $2,500,000! You may be out of luck if your General Liability policy only covers the first $1,000,000! Would you rather pay a $750 policy premium or $1,500,000 out of pocket?
• A seasoned employee of your law firm jumps into YOUR vehicle to go get the mail & is at fault in a major car accident, harming several people and causing damage. When the dust & lawsuits settle, your business on the hook for $1,500,000. You may be out of luck if your Business Auto Insurance policy only covers the first $750,000! Would you rather pay a $750 policy premium or $750,000 out of pocket?
• Your Web Design firm misuses photographs unintentionally and is sued by a large corporation. After a team of high priced lawyers get through, a judgment of $1,750,000 is awarded to the large corporation. You may be out of luck if your Errors & Omissions Insurance policy only covers the first $1,00,000! Would you rather pay a $750 policy premium or $750,000 out of pocket?