Owning and running a business requires more than knowing your customers and clients. One unexpected legal claim, accident, or lawsuit can significantly impact your financial stability. Understanding why umbrella insurance is recommended for business owners in Wayne, PA, is essential for long-term growth. At The Sirover Agency LLC, we work alongside clients who are new to running businesses as well as those who are heavily invested in the Wayne region.

Additional Protection

While general liability policies have coverage limits, an umbrella policy is optimal for coverage gaps and unexpected legal costs. Umbrella policies can add anywhere from $1 million to $5 million or more in coverage, giving you stronger financial protection when you need it most.

Industries that can benefit from umbrella insurance include:

• Retail
• Professional warehouses and offices
• Restaurants and cafes
• Contractors and those working with full-service companies 

Lawsuits

Handling lawsuits is much better with an umbrella policy. Umbrella insurance often covers court costs, attorneys fees, settlements and judgments, and even claims that may already exceed primary policy limits.

Additional Risks

An umbrella policy protects against libel and defamation suits, false arrests, and even liability arising from rental properties that you own. Additionally, it may also help protect against certain legal judgments that are not covered under traditional liability policies. 

Knowing why umbrella insurance is recommended for most business owners in Wayne, PA, can help you get optimal protection for your investments. From injury claims to on-site accidents, an umbrella policy can go a long way in providing financial relief and peace of mind. To learn more about your options, contact The Sirover Agency LLC, serving Wayne, PA.