As you work with your New Mexico insurance agency to weigh your business’ insurance coverage options, you may be tempted to skip the commercial umbrella policy. After all, if you have general liability, commercial property, commercial auto, executive liability, professional liability, and cyber liability, why do you need an umbrella policy, too? If you want your business to stay afloat, you will purchase umbrella coverage. Here are 3 reasons to purchase a commercial umbrella policy.
It can be tempting to think your business will never be sued. However, when an unfortunate accident or other major event occurs, a lawsuit could follow even if you think you and your employees did everything right. Lawsuits can cost companies millions of dollars, so it is important that you have insurance to cover the cost if it ever happens to your business.
2. Claims Otherwise Not Covered
A commercial umbrella policy can often cover more types of liability claims than other forms of liability insurance. While the specific types of claims covered can vary, an umbrella policy can help ensure that your business is fully protected. Your New Mexico insurance agency can review the specific coverage under your umbrella policy.
3. Peace of Mind
Whether the unexpected results in a lawsuit or high costs due to death or injury, you want to be protected. A commercial umbrella policy will give you the peace of mind to know that your business is covered when misfortune occurs.