Umbrella insurance provides additional protection for businesses in the event of unexpected incidents. Many businesses in Albany, NY, can benefit from this type of coverage. Companies that welcome the public onto their premises or send employees to clients’ homes are at higher risk for losses related to property damage, bodily injury, and liability claims. Similarly, businesses in industries prone to lawsuits—such as construction, healthcare, manufacturing, technology, and retail—can find umbrella coverage particularly valuable. Additionally, businesses with expensive assets may benefit from the added protection that umbrella insurance offers.
How Umbrella Coverage Works
Umbrella insurance activates when the limits of your other insurance policies are reached. It helps cover significant costs related to property damage, bodily injury, or liability, ensuring you don’t face substantial out-of-pocket expenses. Umbrella policies typically cover legal fees, judgments, and settlements.
In some cases, umbrella insurance may cover damages not included in your other policies. However, it’s important to note that umbrella coverage does not compensate for losses caused by errors and omissions, criminal activity, or damage to your business property. If you want comprehensive coverage for your business vehicles, you may need to purchase a separate umbrella auto insurance policy.
Call Toedt Insurance Agency LLC for More Information
For most businesses, umbrella insurance is a worthwhile investment. Contact us to learn more about this type of coverage, how it can benefit your business, and what is and isn’t covered. At Toedt Insurance Agency LLC, we are dedicated to assisting Albany, NY, business owners and entrepreneurs in evaluating their options and selecting the insurance coverage that best suits their needs and budget.
