For Many Businesses, Umbrella Insurance Makes Sense

Running a business can often be a risky enterprise. Most business ventures come with so many risks that must be considered, and insurance is the only viable solution for the exposures you will encounter throughout the life of your company. Exposures for liability and other types of damage can be extremely harmful, and in some cases, can have a devastating effect from which a lot of companies may find it difficult to recover from.

Imagine having to deal with a single damaging lawsuit; this could easily result in a major settlement that could cause the financial demise of your business. Plus owners could end up suffering personal financial losses as well. This is the main reason why commercial umbrella coverage from Get Preferred Insurance makes so much sense. It can protect your organization when a negative event occurs that threatens your livelihood.

Main reasons why businesses fail

Without proper insurance in place, a company has little chance of surviving. If your actions, or that of an employee results in major damage to, or destruction of, a client’s property and you become embroiled in a significant lawsuit, just the cost to defend yourself can be quite costly. This situation can bring about great stress and anxiety to managers and directors, and might possibly be the beginning of the end of the business.

Umbrella policies were created to provide additional coverage when a lawsuit is brought against a company or individual over injuries and/or property damage, and the settlement amount exceeds the liability limits on any current insurance policy. For example, if a plaintiff sues over an incident involving a product they purchased that causes injury or damages, a lawsuit of this type could easily exhaust any standard policy limits currently in place.

Injuries can result in multi-million dollar judgments

Because of their line of work and the expertise involved, a doctor or a professional ball player sustaining a severe injury would obviously have a devastating effect. Your company could find that lost wages, medical bills, and pain and suffering could cost millions in recovery fees. If the injured party cannot work for several years, a commercial umbrella insurance policy from Get Preferred Insurance with limits that match any extremely high settlement amount would be your saving grace.

 

Get Preferred Insurance for Renters

When you rent an apartment or a home from a landlord, you need to protect your belongings from theft, the threat of a fire or flood, or possible devastation caused by earthquakes, tornadoes, or hurricanes (depending on where you live). Unfortunately, while most homeowners have an insurance policy in place, most tenants do not bother with obtaining renters insurance until it’s too late.

But as a renter you really need to consider this important product as a way of protecting yourself from major financial losses when tragic incidents occur. After all, something like a fire can drastically change your life, as well as cause you to lose the precious personal belongings that make your everyday life more comforting. Get Preferred Insurance and have the comfort of knowing you won’t lose everything you own without any compensation.

Common misperceptions about renting property

You may have a false sense of security thinking that you’ll automatically be covered if something happens to the home you’re renting from a landlord or property manager. But, if you take the time to read the lease agreement you may have a better understanding of the fact that most are written stating that, “tenant shall hold the landlord/property manager harmless from any and all liability”. What this means is that the property manager’s insurance policy covers only the structure, not the tenant’s personal contents.

While insurance premiums may seem costly, imagine having to replace all of your belongings because a hurricane devastates the entire town. The expense, not to mention the inconvenience, associated with replacing clothes, jewelry, food, furniture, TV, computers, and any other supplies lost can be substantial without renters insurance. It will easily end up costing you a lot more than the annual cost of insurance.

Other reasons for obtaining a renter’s insurance policy

Natural disasters aside, there’s also the threat of vandalism or theft, liability issues, like slips and falls, or property defects resulting in the destruction of personal property. In the case of a property defect, it’s typical that the landlord’s insurance policy will cover the structure only, so if you’re the victim of a leaky roof, the landlord will usually repair or replace the roof, but not any personal property damaged because that would only be covered by your renters policy from Get Preferred Insurance.

Renter’s or tenant’s insurance can usually be purchased for as little as $20 a month and at a discount if lumped together with an auto insurance policy. It will certainly pay off in the event of a disaster of any sort.