I have commercial insurance already. Do I really need umbrella insurance?

It’s safe to say that most business owners are concerned about protecting their assets. No one goes into business to lose what they’re working for and towards. As a result, business or commercial insurance is designed to provide protection for business owners who want to protect their assets. Like many insurance policies, business insurance is designed to meet a business’s unique needs and preferences. It can be customized, unlike a one-size fits all approach to insurance. Our Oklahoma City, OK team at Freeland Insurance is dedicated to helping business owners understand commercial/business insurance and get the necessary coverage. 

What are the Benefits of Commercial Insurance?

Commercial insurance protects business owners against property damage, employee/worker injuries, liability claims, and theft. Other forms of benefits and protection can be added to a commercial business policy as well. Without commercial insurance, most businesses would be ill-prepared to deal with the financial constraints of property damage, theft, and medical injuries. 

I have commercial insurance already. Do I need umbrella insurance?

What is the difference between Commercial Insurance and Umbrella Insurance? Umbrella insurance is a form of commercial insurance. However, commercial business insurance is the primary insurance policy for a business owner/business. In contrast, umbrella insurance is secondary insurance designed to cover anything that exceeds a standard or primary insurance policy. These costs can include anything from property damage to liability and theft. At times, umbrella insurance can act as a primary insurance policy if the primary policy doesn’t cover a particular area of business or issue. Umbrella insurance will usually cover things that are uncovered by the primary commercial business policy. However, it’s best to understand what’s covered and what’s not for commercial business and umbrella insurance. If you have questions regarding umbrella insurance, call us. We’d be happy to answer all of your questions.