Do you own your own company? If so, then you most definitely want to make sure it is protected with the right type of insurance. Fortunately, you won’t have to look very far to learn about the different types of insurance available in Centralia, IL. If you are thinking about investing in umbrella insurance, check out these tips for determining whether it is the best fit for your business.
Do you already have existing business insurance?
In order for umbrella insurance to go into effect, you need to have insurance already. The purpose of umbrella insurance is to expand the limit that your current insurance provides. This does not mean your current insurance will pay out a higher amount. It simply means that your umbrella insurance will provide additional coverage once your original policy reaches its limits. If you already have insurance, then an umbrella policy is a wise investment.
Does your business have company vehicles?
An umbrella policy can expand the coverages that your underlying policies may not provide. For example, if you have business auto insurance that only covers accidents that occur within a certain territory, an umbrella insurance plan may be able to expand the specific areas in which the accident must occur.
Do you need a policy that can be customized?
If you are wanting to have access to additional coverage that extends beyond your current insurance policy limits, then a customizable umbrella insurance will make for a great investment. To get a customized policy, you will need to provide the following to a qualified umbrella insurance agent:
- Annual breakdown of your payroll
- Financial details of your operations
- Prior financial and asset losses
- Record of company’s financial success (the longer the success, the lower the premium rate tends to be)
To learn more about umbrella insurance, contact Alcorn Insurance Agency today serving the Centralia, IL area.