As a business owner in Houston, TX, protecting your investments is essential to avoid unexpected lawsuits and costly losses. A standard $1 million commercial-general-liability (CGL) limit can quickly deplete in a large case, which is why a commercial umbrella policy may be your smartest option. At Modern Risk Management, we’ll work with you to find a suitable umbrella insurance policy that provides the added protection and peace of mind you deserve.
When to Consider Commercial Umbrella Insurance
Here are a few signs it’s time to consider a commercial umbrella insurance policy for your business:
- High foot traffic: If you own a shop in a location with plenty of foot traffic, it is highly recommended that you increase your existing policy coverage. Slip-and-fall accidents can easily cost millions of dollars, which is why the right policy is crucial.
- Vehicle Exposure: If your commercial fleet or employee carpools are always on I-10, I-45, or Loop 610, there’s an increased risk of accidents and/or injuries.
- Unexpected Weather Events: Catastrophic weather events, such as damage from generators or even after a hurricane, can cause liabilities long after the actual incident, so a sufficient umbrella policy is recommended.
- Contractual Obligations: Some contracts may require insurance limits between $2 and $5 million, requiring added umbrella policies for those with standard commercial policies in effect.
- Volunteering: Volunteering and community outreach may require additional insurance that extends beyond basic event insurance policies.
Understanding commercial umbrella insurance’s significant role is imperative for any business operating in Houston, TX. Protection is crucial for long-term success, whether you own a retail business or offer local services. To learn more about umbrella insurance policies that are optimal for your commercial business, contact Modern Risk Management for your consultation today.
