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You are not required to purchase umbrella insurance coverage to operate an online business in Ft. Wayne, IN. Nonetheless, many people who offer goods or services online find it prudent to do so.
What is Umbrella Insurance?
Umbrella insurance comes into play when you reach the limit of another insurance policy. It can cover legal fees, the cost of a judgment or settlement, and medical bills, among other expenses.
For example, if you purchase commercial liability insurance with a policy limit of $1 million to sell items on Amazon, and a customer sues you for $2 million because they were injured or suffered a loss due to your product, the umbrella insurance coverage will provide the additional $1 million. This way, you won’t have to use your business or personal assets to cover the remaining sum. This same principle applies if your business uses a vehicle to transport goods from one location to another and an employee driving the vehicle causes a serious car accident.
However, there are some things umbrella insurance won’t cover. It doesn’t provide compensation for your own injuries, and it won’t cover damage to your business property. It also does not provide coverage for breach of contract claims.
Contact Wise Insurance Agency for Insurance Assistance
If you believe umbrella insurance might be a worthwhile investment for your business or wish to explore other commercial insurance options, do not hesitate to contact us. Wise Insurance Agency specializes in assisting Ft. Wayne, IN business owners and entrepreneurs understand the advantages and disadvantages of umbrella insurance as well as other forms of commercial insurance. Our team can help you select a coverage that meets your needs without exceeding your budget.
