At M8 Insurance, many of our customers are aware that they can add umbrella coverage to their personal insurance policies. Your Salt Lake City, UT, business can also benefit from umbrella coverage as part of its commercial insurance policy. Umbrella insurance comes in two forms: personal and commercial. This means you can add its protection to both your personal and business coverage!
Adding Umbrella Coverage to Your Commercial Policy Package
A business can’t purchase umbrella coverage alone. Similar to acquiring a personal policy, your company must first own a primary liability policy, then add commercial umbrella coverage, a secondary policy, to its business policy package. What qualifies as a primary liability policy? The business can purchase any policy with a liability component before adding an umbrella. This primary policy includes general business liability, errors and omissions, malpractice, and more common policies, like commercial auto coverage. As long as the primary policy has liability coverage, it counts.
The Importance of Adding Umbrella Coverage
Even when a policyholder purchases a policy with the maximum amount of liability coverage, that may not adequately cover a large settlement. For a few dollars a month in premiums, an umbrella policy provides $1 million of liability insurance or more. That’s a significant amount of protection for a small cost, and it can save a company when a large settlement might cause it to go under.
Contact Us Today
Call or email M8 Insurance today to learn how to protect your Salt Lake City, UT, business from financial liabilities. Add an umbrella policy to your existing commercial insurance package. Let us help you safeguard your business’s financial security.
