Business owners in Hailey, ID, aren’t legally required to purchase umbrella insurance. However, this type of coverage can be highly beneficial for businesses across various industries, including home-based businesses. Understanding how umbrella insurance works and what it covers can help you decide whether it’s a worthwhile investment for your business.
How Umbrella Insurance Works
Umbrella insurance doesn’t replace other commercial insurance policies. Instead, it provides additional liability coverage to protect your business in the event of a significant incident. For example, if your home-based business has expensive equipment that isn’t fully covered by your commercial property insurance policy, umbrella coverage can make up the difference in cases of theft, vandalism, or natural disasters. Similarly, umbrella insurance can extend liability coverage if your business is faced with a costly lawsuit. It can cover settlement or judgment costs as well as legal fees.
Additionally, if your home-based business owns or operates expensive or multiple vehicles, you can purchase an umbrella policy to provide extra protection for these assets.
It’s important to note that any policy you purchase for your home-based business must be commercial rather than personal. While personal umbrella insurance covers your home structure and furniture, it won’t cover business assets or inventory.
Contact Harrison Insurance and Financials LTD for More Information
Harrison Insurance and Financials LTD proudly serves business owners in and around Hailey, ID, offering standalone policies and policy bundles tailored to meet the needs of businesses across all industries. To learn more about our umbrella insurance policies and determine which one is right for you, please call us today. Our experienced team can help you review your coverage options and select insurance that provides excellent protection at the best possible price.
