Completing a business expansion project may increase the risk of theft, vandalism, or an accident that results in an injury. Obtaining umbrella insurance coverage will provide the extra protection needed while expansion efforts are underway.
Understanding Umbrella Insurance
Umbrella insurance protects individuals and business owners against legal fees. If an insured person is sued, the umbrella coverage will handle the financial obligations that the defendant is responsible for. Reviewing standard insurance paperwork is in the insured person’s best interest. If the existing coverage does not handle the potential costs that the insured person is faced with, they may decide to add umbrella coverage to their policy.
Assessing Business Expansion Plans
Assess your business expansion plans. Determine the location where the project will take place. Factor in how much materials will cost to complete the expansion. Keep records that outline any potential issues that could be faced during the project. For instance, if the building crew uses dangerous equipment throughout the expansion, you may seek additional insurance coverage to protect against accidental injuries.
Additional Factors to Consider
- Potential for flooding
- Possible electrical problems
- Fire potential
- Inadequate storage for materials and tools
The list above includes some things you should consider throughout the expansion project. If you don’t have adequate protection that would cover your best interests, consider how an umbrella insurance policy could benefit you as a business owner. Umbrella insurance will provide supplemental coverage that will prevent monetary loss if an individual sues you.
Seeking Umbrella Insurance Support
Set aside time to consult with one of our Oliver Insurance agents. An agent who serves the Canby, OR region will recommend umbrella insurance products that will provide the protection needed while your business expansion project is underway.
