Business owners often have risks that they may not even be aware of until something bad happens. It is our goal at the Windermere Agency Insurance serving the areas in and around Greenwood, New York to give business owners the insurance protection they need to avoid serious financial loss from these “hidden” risks.
Here are a few examples of why having umbrella insurance for your business is important.
As a small business owner, litigation risk is a major concern. Each year in America, CommonGood.org reports that there are over 15 million civil lawsuits filed, many of them directed at businesses. The most annoying ones are frivolous, which are attempts to force a settlement of some kind from a business owner who wants to avoid having to pay expensive legal fees for defense.
If there has been a real problem that the business is liable for, awards can be in the multiple millions and literally wipe out the value of the business overnight. Sometimes these problems are caused by a supplier used by the business, such as for example when a restaurant owner receives tainted meat from a wholesaler and the restaurant owner’s customers get ill from eating it.
Commercial Vehicle Accidents
Operating commercial vehicles is often a necessity in business. Many owners do not understand that anything that is done with those vehicles can create a liability for the business owner. There have been cases where the vehicles were stolen and then involved in an accident causing the company that owned the vehicle to get sued for the damages created by a thief. If the damage is extensive, it may exceed the commercial vehicle insurance limit and that would mean umbrella insurance would be called upon to pay the claim.
Sexual harassment in the workplace has been in the news quite a bit lately. A business owner is ultimately responsible for what any employees do in this regard.
Using social media carries a risk of unintentionally creating a defamation claim against a company. Employees, using a company’s account, who cyber bully others online can cause this risk to the business owner.
These are just a few examples of the types of things that can occur, which put a business owner at risk of losing the business. There are much more. Umbrella insurance can be customized to provide adequate coverage for your specific needs. Discuss the details with your agent at the Windermere Agency Insurance serving the areas in and around Greenwood, New York.