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August 9, 2022

Does My Contracting Business Need Umbrella Insurance? Here’s What You Should Know

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Does your contracting business include high-risk activities? Do you have high-value assets? Are you sometimes unable to secure contracts because your general liability insurance policy coverage amounts are too low? These are all reasons to consider additional umbrella insurance coverage for your contracting business. 

Why Umbrella Insurance?

Unfortunately, faulty work or accidents can be costly, and in many cases, your general liability policies won’t cover the amount of damage. Umbrella insurance is beneficial because it begins paying out once your primary policy reaches its maximum. It provides the backup your business needs for the worst-case scenario.

Can You Afford Umbrella Insurance?

The real question is whether or not you can afford to not have umbrella insurance. One major accident could be enough to bankrupt your company, even with basic insurance. Adding umbrella coverage to your policy generally costs just a few hundred dollars per year and can save your company from financial ruin if the unexpected occurs. 

How Is Umbrella Insurance Obtained?

The first thing to do when adding an umbrella policy is to ensure you have all the basic coverage you need as a contractor. This includes general liability, workers’ compensation, and commercial vehicle insurance. Most carriers require you to carry a minimum amount on these basic policies. Once you have these policies a qualified agent can help determine how much additional coverage you should purchase

At Koch Insurance Group we can examine your policies and help you determine the right umbrella insurance policy, so contact us today.

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