While it’s not legally required for business owners in Colorado to have umbrella insurance, it’s often recommended, especially for those involved in high-risk industries or those who own valuable assets. At Davidson Insurance Agency in Evergreen, CO, we’ll collaborate with you to find an umbrella insurance policy that meets your specific coverage needs.
Benefits of Umbrella Insurance for Businesses
Umbrella policies provide additional liability protection when underlying insurance policies do not cover certain accidents or incidents. Umbrella coverage can add $1 million to over $10 million in protection, depending on your policy. Umbrella insurance also safeguards your personal assets while covering legal fees, settlements, and court judgments associated with your business entity.
Why Umbrella Insurance is Beneficial in Colorado
For business owners in Colorado, potential risks such as mountain roads and foot traffic can increase the risk to you as an investor or owner. Umbrella insurance covers:
- Major accidents that may exceed standard commercial auto policy limits
- Lawsuits from customers after they experience a fall or injury on your commercial property
- Personal savings and investments, ensuring they remain separate from your commercially owned equipment, inventory, and properties
- Lawsuits involving property damage which is crucial for those who work in clients’ homes. This can include contractors, landscapers, and even therapists, depending on the type of work you do and where you’re located while working in Colorado.
Running a business in Evergreen, CO, requires more than a willing audience and quality products or services. The right umbrella insurance policy provides coverage and protection in areas where traditional insurance falls short. To learn more about your options when selecting an umbrella insurance policy suitable for your business, contact Davidson Insurance Agency today.
