Do you own or manage a business in the greater Spokane, WA area? The team at Western Insurance Associates is proud to work with our business community and share our knowledge of commercial insurance options. As a business grows, its insurance needs can also grow. They can also become more complex, and adding an umbrella policy to existing coverage can create an insurance portfolio with robust coverage. Umbrella insurance is key when primary policies are exhausted due to major covered events.
Understanding commercial policy limits and how umbrella insurance can cover those gaps
It is typical for commercial policies to have upper limits to their payouts. This means that once the limit is reached, any financial obligation due to an excessive loss is the responsibility of the policyholder. That’s where umbrella coverage comes into play. Once your primary liability protection is reached, the umbrella policy works as a stopgap. It will provide the needed additional coverage up to its limits. This type of protection can be pivotal to a thriving business.
Liability claims and excessive lawsuits can quickly extinguish the protection provided by a primary policy. Because of this, many businesses rely on their umbrella coverage as a way to protect their assets. Experienced, registered agents are able to provide in-depth information about the benefits and limitations of such policies. It is important for business owners to understand their current insurance policy and recognize any limitations therein.
Find out more about how an umbrella policy can help protect your company
Western Insurance Associates is proud to serve the business community located in the greater Spokane, WA area. Now is a perfect time to meet with one of our knowledgeable agents to find out more. Contact our office today to schedule your consultation.