It can seem like the risks to a business are numerous and ever-growing. There is no doubt that you need quality coverage for claims made against your company. But how much is enough? With umbrella insurance, you gain the critical protection you need.
At The Insurance House, we help small businesses in Tucson, AZ get umbrella insurance that fits their objectives. That means choosing the right type and level of coverage for your needs.
Small and Mid-Size Business Coverage
Most often, a small business to mid-sized company benefits from $1 million to $5 million in umbrella insurance. But that is a broad figure that may not accurately represent your business’s needs. Your coverage should be based on factors such as:
- The value of your assets. You should cover all assets in case of claims made against them.
- The amount of annual revenue you have.
- The industry risk level is based on the organization’s operations and related risks.
- Contract requirements if set by a client you are working with or other organization.
If you have a low-risk business, you’ll need less. That’s likely the case if you have minimal customer traffic and overall lower asset value. If you are in a heavy industry, like construction or manufacturing, you need far more because of the higher risks and more expensive equipment. If you have a service firm, you don’t have a lot of direct connection with people coming to your location, lowering risks, whereas a business with a physical premise where customers visit sees more risk.
Finding the Balance with Some Help
You do not have to guess how much protection is enough. Instead, contact The Insurance House. Let our team help you determine the best type of umbrella insurance in Tucson, AZ, for your business objectives.
