Most startup businesses operating on a tight budget make the mistake of not prioritizing insurance. What these business owners fail to understand is that it takes a small accident or disaster to lose all that they have worked so hard to build. An umbrella insurance policy from Vargas & Vargas Insurance will help you protect your startup business against disasters in Dorchester, MA.
What is umbrella insurance?
The purpose of umbrella insurance in your startup business is to supplement underlying insurance policies such as general liability and auto insurance policies. The insurance policy provides you with an extra buffer of financial protection when you have exhausted your other existing insurance coverages. Depending on your preferences, the umbrella insurance policy can cover more than one of your other insurance policies. Your umbrella insurance policy kicks in when your existing insurance policy has been exhausted or in situations where some claims are not covered. Umbrella insurance will provide extra coverage for various risks including restitution for injuries and paying for litigation costs.
Does my startup business need umbrella insurance?
Your startup business in Dorchester, MA is definitely predisposed to a wide range of risks or mishaps. Just as the small business requires other insurance coverages, it also requires umbrella insurance. In addition, most insurance policies don’t cover every risk that your startup business is potentially facing. There are certain claims your startup faces that are not only rare but also very costly. Therefore, protecting your business’s assets with an umbrella insurance policy is very important.
Umbrella insurance can also help you save money. When you raise the limits of your individual liability policies, you will also have to increase your premiums. But with umbrella insurance, you will get the extra coverage buffer without worrying about the limits of your other individual policies. This is a rainy day coverage that you can get without breaking the bank.
Unfortunately, most people think that umbrella insurance is for big businesses or the rich in the society with a lot of assets to protect. But, even a small accident in your startup business can lead to claims worth large amounts of money, especially if the accident was serious. Protect your startup business idea today by purchasing an umbrella insurance policy from Vargas & Vargas Insurance.
