Owning a retail business comes with some risks that could result in legal proceedings. If you are a business owner, learn how umbrella insurance could protect your interests.
Damage to Another Party’s Personal Property
An incident on your premises could damage a customer’s personal property. For example, say an auto accident happens on your property. You could be left responsible for high repair costs.
Your liability coverage may not provide sufficient protection. An umbrella insurance policy can help when the liability limits on your standard commercial insurance are maxed out.
An Incident That Harms A Consumer
A faulty product or damaged materials within your retail business could cause a consumer to become injured when they visit your establishment. And they may decide to file a lawsuit against you.
Your liability coverage may not be enough to handle the legal expenses, medical expenses, and additional expenses that you face as a result. An umbrella insurance policy will provide additional liability protection that you can count on while you are going through a legal battle.
This type of coverage will enable you to effectively represent yourself in a court of law.
Umbrella Coverage Considerations
Review your business plan. Determine how many liability incidents you have encountered in the past. Think about the risk factors that could contribute to being involved in a legal situation in the future. Decide if having access to an umbrella insurance policy would benefit you as an owner of a commercial retail establishment.
Consult an Agent From Asheville Insurance Center
You may have some questions or concerns about umbrella insurance. If so, set up a time to speak to one of our independent agents at Asheville Insurance Center, representing the Asheville, NC, area.
