Commercial insurance is often required for businesses, especially if they’re tied up in external partnerships (e.g., a bank, etc.). However, umbrella insurance is a much less known factor for owners in Sandpoint, ID. Here, we’ll look at what umbrella insurance is, how it works, and when you need it.
Is Umbrella Insurance Legally Required?
No, even the biggest companies are not legally required to get umbrella insurance. At Selkirk Insurance Services, our agents sell this coverage to any individual who wants to protect themselves from expensive liability claims.
For example, let’s say that a small retail location opens up a second shop across town, and then another in the next county, and then two more in the next state. While they may take out new policies for each store, the reality is that their odds of landing in legal trouble, whether it’s for an unsalted walkway or an errant item left out in an aisle, continue to rise with every new location.
Should you face an ongoing lawsuit or need to settle a very expensive case, you can quickly exceed your commercial policy limits. This is where umbrella insurance can come in handy.
Should Expanding Businesses Buy an Umbrella Policy?
Many people associate umbrella policies with expanding businesses because owners will buy them for peace of mind and general protection. Of course, umbrella policies can be a smart decision, no matter how big your business is.
At Selkirk Insurance Services, our team helps professionals in and around Sandpoint, ID, find coverage that works for them. If you’re concerned about how expanding your service menu or territories can also expand your liability, contact us to see whether an umbrella policy is right for you.
