One common mistake most startup business owners make is failing to purchase sufficient coverage for their companies. This error can easily be made, especially when you’re operating on a tight budget and you have many things you need to do to grow the business – getting protection against some disasters will not seem very important. What most people don’t know is that it doesn’t take much to lose all that you have worked hard to build. One of the coverages a startup should get from insurers like Insure It All in Ammon, ID is umbrella insurance.
What is umbrella insurance?
This is an excess policy that is designed to supplement some of your main insurance coverage such as employer’s liability, auto, and general liability. These policies are known as underlying insurance. An umbrella insurance plan can cover one or more policies depending on your preferences.
In case some claims are not covered by an underlying policy or an underlying policy gets exhausted and you still have outstanding expenses, your umbrella policy will come in as an affordable solution that will offer the extra coverage you need.
Just like the underlying policies, this insurance plan covers a broad range of risks like paying for litigation costs and restitution for injuries. The costs can also include medical expenses and court-awarded damages and settlements.
Why your startup needs umbrella insurance
Your startup needs umbrella insurance for the same reason it requires other coverage options – to get protection against various mishaps. Most general policies don’t cover every risk the company faces. What’s more, there are certain claims a company faces that are both costly and extremely rare. Getting umbrella insurance to cover such risks is quite important for any startup.
If you are searching for this coverage, consider contacting Insure It All that serves the Ammon, ID area and its environs for more information.