Sunday, March 25, 2018

Delaware Business Insurance Update from CNC Insurance Associates, "The Umbrella Policy, Why You Should Have One" 3-25-18

As a business owner your insurance portfolio is not complete without an umbrella . This gem of a policy is the best and most cost effective way to increase your protection. First the umbrella will give you extra limits above your liability, auto and work comp policies. Most of the time the cost is one third of the cost of regular liability limits. You can add layers to increase your protection based on the exposures you face. For example, you may be required to have high limits of liability coverage in order to win contracts. The umbrella policy is the ticket to get you to those required limits. Are you exposed to multiple claims in one year? If so the situation is a lot more "comfortable" with an umbrella in the wings.  In some circumstances the policy may even cover items that are not covered in your underlying policies.
So add the extra protection,  at a cost that is usually less than your general liability, auto and work comp. You cannot go wrong with an umbrella policy in your portfolio. Until next time be careful out there and know your risks.

G. Kevin Nemith, CEO,  CNC Insurance Associates / Hilb Group
1-877-262-3276 toll free