Every year in NE Arkansas, dozens of lawsuits affect business owners and cause them great financial hardship. If you are worried about this problem affecting your company, let us at GTW Insurance teach you about the benefits of umbrella policies and how they can protect business owners like you.
How Umbrella Insurance Protects You
Umbrella insurance is a type of extra liability insurance that only goes into effect if you are responsible for somebody’s personal injury or damages and your normal liability policy is not suitable. For example, if your basic liability policy covers just half of a lawsuit claim, umbrella insurance will kick in and pay up to the limits of the policy.
These types of policies are a wise investment for people from many different walks of life. However, a large number of individuals probably will rarely, if ever, be in a position where they need umbrella insurance. As a result, you should understand if you are one of these people or not.
People Who Might Need Umbrella Insurance
Not every business will benefit from an umbrella insurance policy. However, the following individuals are probably wise to invest in this type of policy:
- Individuals Worth a Lot of Money – People who are worth more than six figures should get umbrella insurance to stay safe.
- People Who Work From Home – Self-employed individuals who work from home probably need umbrella policies to avoid liability claims.
- Any Independent Contractor – Builders, electricians, and other contractors who work for themselves should invest in umbrella insurance.
- Those Who Work a Semi-Dangerous Career – If you work in a career that is potentially dangerous to your or your clients, get an umbrella policy.
Finding a Policy That Works
Anybody who lives in NE Arkansas who is concerned about umbrella insurance and whether it is right for their needs should contact us at GTW Insurance to learn more. Our professionals will help you better understand the available policies and get you one that works for your needs.