Delaware Business Insurance Update From CNC Insurance Associates Inc. "Understanding Umbrella Policies" 5-15-17

Every business owner has heard from their insurance professional that they should buy an umbrella policy. For those who have one , you are better protected. For all the owners reading this blog that do not have one, lets take a few minutes to try to convince you to buy this important policy.
Your business is exposed every day to risks that could occur in your operations, work force, autos, and your products. Your general liability policy and your other liability limits in your auto and work comp policies, are your first line of defense. However what happens when the limits in these policies run out? This is where an umbrella policy kicks in. It provides the back up limits you need to cover the unexpected claims that could exhaust your first line of defense in your underlying policy limits.
In addition this policy is 1/4 of the costs of your other policies. You can also add layers with higher limits and each layer costs less the higher you go. Many of these policies have deductibles that are low compared to the protection they provide. Finally, the umbrella policy can help you get more opportunities to bid larger contracts or get larger jobs because the greater limits of liability that are usually required to do work in the larger space. Overall, for the value you cannot beat an umbrella policy, not to mention the added protection.  Until next time be careful out there and know your risks.


G. Kevin Nemith Pres. CNC Insurance Associates Inc. & The Business Insurance Center
Serving DE MD VA NJ & PA
www.cncinsurance.com
www.bizinsurancetv.org

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