Benefits of a Commercial Umbrella Insurance Policy

All California companies can benefit from a commercial umbrella insurance policy.

With the number of lawsuits filed each day rising, it has never been more important to invest in a commercial umbrella insurance policy. People are more apt to sue a company or professional than ever before. The protection that is provided by a commercial umbrella insurance policy can help to make sure that your business has the right amount of coverage.

Umbrella insurance is meant to provide additional liability coverage that goes beyond the liability that is provided by your other business insurance policies. Without an umbrella policy, you would be left relying on a typical business liability policy. The limits of a liability policy can quickly be exhausted after just one lawsuit. If you don’t have umbrella insurance, you would be left paying for the rest of the coverage out of your business accounts, which could easily bankrupt your company.

There are many situations that your California company may encounter that your umbrella policy would cover, including:

  • If one of your employees says something on social media that is damaging to a corporate entity or person while at work.
  • A client takes a financial loss due to advice that one of your staff members provides in a consulting capacity, such as financial advice.
  • A customer slips on a wet walkway on their way into your business and is injured.
  • A client is seriously injured or dies after using a product that your company provides.
  • An employee speeds through a yellow light in a company car, causing property damage and several injuries.

Since there is no way to know when an accident will occur, having the right amount of coverage at all times can help to give you the peace of mind that you deserve. Contact the insurance experts at Stromsoe Insurance to help you find the right business insurance policies that will fit your needs.

Common Insurance Questions Answered

Insurance is one of the most important security tools an individual or business can have, but it is also one of the most commonly misunderstood topics. Whether you have questions regarding your auto insurance, homeowners insurance, or business insurance, we hope this informational sheet of common insurance questions will clear up any misunderstandings:

  • My auto insurance agent just asked if I wanted full glass coverage, is it worth it? This extra protection measure will provide you with coverage when the glass windows of your car experience physical damage. This includes when a pebble hits your window and causes it to crack. This extra insurance will likely exclude coverage for mirrors.
  • My boat is covered under my homeowners insurance, right? Depending on the size of your boat, you may receive limited coverage for your boat under your homeowners’ insurance policy. However, in order to be 100% confident in your boat’s security, it is important that you seek professional advice based on your particular scenario before heading out on the water. You may need a separate boat insurance policy for optimal protection.
  • Umbrella insurance policies are unnecessary, right? Unfortunately, since lawsuits are more common now than ever, umbrella insurance policies can benefit nearly every individual and every business. Whether your dog decides to protect you by biting an aggressive neighbor or your son’s friend slips and falls on your property, your umbrella insurance policy will provide you with optimal protection.
  • What is replacement cost verses actual cash value? These are two unique reimbursement methods that will determine how you are compensated after a covered peril. Replacement cost is typically more expensive because it provides you with the appraised value of the item. In contrast, actual cash value provides you with an amount after the depreciation of the items are calculated.

Contact Stromsoe Insurance Agency in Murrieta for all of your California insurance needs. If you have any remaining questions, feel free to give us a call! We are available around the clock to answer any questions you may have.

Business Insurance Coverage Options

Business owners must do everything in their power to protect their organization. In doing so, you must have a comprehensive business insurance policy. With the array of coverage options surrounding business insurance policies, you may be wondering which you actually need and which are just wasteful. Gathered is a list of the basic coverage options your business needs to survive:

  • Business property insurance will provide the structure of your business, its inventory, and all business equipment with protection against a variety of covered perils. If your structure is affected by a damaging fire, your business property insurance policy will kick in to cover your business’ assets.
  • Business liability insurance allows you to receive peace of mind knowing nothing can bring your organization down. If someone claims that your product or service was not provided in the manner promised, your liability coverage will protect you from any lawsuits. Additionally, if a client is injured on your business property, your business liability insurance would provide you with legal defense and the injured client with medical expense coverage.
  • Worker’s compensation provides both employees and employers with a variety of benefits. Employers can rest assured that any injured or ill employees will receive medical expense coverage. This coverage extends to any injuries or illnesses that are caused by work operations.
  • Commercial auto insurance is a required insurance policy for any organizations that depend on the use of work vehicles for business operations. Some small business owners fail to realize that this is required even if your employees operate their own vehicles for work relations.

Contact Stromsoe Insurance Agency in Murrieta for all of your California business insurance needs. We understand that the various insurance options available for business insurance policies are complex and may seem confusing. Allow us to personalize a unique business insurance policy that will meet the exclusive needs of your organization.

Everybody seems to be suing everybody else these days. What if someone sues my business?

Operating a business is hard enough without having to worry about the cost of defending your company against lawsuits. Suing a business is not at all an unusual occurrence. Every day, thousands of customers slip and fall in grocery stores. People get food poisoning when they are served tainted food in restaurants. Objects fall off tall shelves and hit people on the head. 

As a business, you never know when someone is going to get hurt and decide to sue. In order to protect against the very real possibility of lawsuits, every business that does not want to assume the financial risk, must have business insurance. 

Liability insurance, whether purchased under a separate Commercial General Liability policy or as part of a standard business owners policy, covers personal bodily injury, property damage, and advertising injury. In order for a plaintiff to be able to collect on a lawsuit, he or she must have been injured, in some manner, as the result of an act, or failure to act by the defendant (business).  

Business insurance will pay-out legitimate claims and also pay the costs to defend a business against lawsuits. Even frivolous lawsuits can be costly. To find out more about what kind of business insurance you might need, please contact Stromsoe Insurance Agency.

Can I be sued and lose my house over an auto accident?

If you are not properly insured, you can lose your house over an auto accident. Lawsuits over auto accidents can become extremely expensive, especially if they involve multi-car pile-ups or fatalities. If you are deemed responsible for such an accident, then all of your assets, including your house, may need to be sold to compensate others for their losses.

Be Properly Insured

On the other hand, if you are adequately insured, then the likelihood of losing your house on account of an accident greatly diminishes. Although the reparations may be the same amount, your insurance company would pay them, rather than yourself.

There are two keys to being properly insured against a major auto accident. First, you should have a generous auto insurance policy. Second, you may want to complement this policy with a personal umbrella insurance policy, which offers additional protection in $1 million increments.

Find Insurance

If you would like to go over your current protection or look for additional coverage, contact Stromsoe Insurance Agency. Licensed in 18 states, they can help you protect all of your assets, including your home.