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Top Level Management Insurance Policies
If you are looking to save money for your business while still obtaining the amount of insurance coverage that you require, you might want to consider looking into umbrella plans. Many people use this type of plan in their personal lives in order to get a discount on their insurance premiums. For example, having your house insurance, your car insurance, and your life insurance all through the same company can save you a great deal of money when compared to the cost of having the same policies through different companies.
Just as you can save money with an umbrella plan in your personal life, you can do the same with your business as well. For example, you might obtain a general liability policy, a professional liability policy, life insurance, disability insurance, and more all from the same company. By taking advantage of one of these discount plans, you can potentially save your business thousands of dollars every year.
In addition to effectively saving yourself money through one of these plans, you can also essentially increase the amount of your coverage with your umbrella. For example, you might have an auto insurance policy for your company that has a benefits limit of $300,000 and an insurance plan on your building with a $500,000 limit. If you add a $1,000,000 umbrella to your policies, your auto insurance plan really has a $1,300,000 limit and your building insurance has a $1,500,000 limit.
For the most part, these plans are reserved for those that have a great deal of unencumbered assets, such as a business owner, for whom a loss would be absolutely financially devastating. In addition, because of the “add on” that this type of coverage offers, many people consider this to be a specialized type of coverage geared toward the top level management officials of the company – not only is it good to have extra coverage in place for the company, these individuals might want to consider having extra coverage for themselves as well.
This type of insurance can also often include special types of coverage that are generally excluded from liability policies. Therefore, in addition to saving money and increasing your benefits, you might be able to gain additional benefits that will cover claims associated with incidents such as false arrest, slander, and libel.
It is important to note that this type of insurance is only activated once all other policies have been used to their fullest. In other words, these types of policies actually serve as more of a safety net below you than an umbrella above you – though they can certainly help to protect you from a rainy day!
If you are ready to start searching for an umbrella policy to add to your current plan, there are several things you need to keep in mind. First of all, you need to determine how much extra coverage your business will need. Generally, these plans will offer anywhere from one to five million dollars worth of additional coverage to the plans that are already in place. Of course, the more coverage you request, the higher your premiums for this add-on policy will be. At the same time, you want to make sure you have enough coverage to keep yourself adequately covered.
Once you have a good idea of the amount of coverage you desire, take a moment to complete our simple online form. After completing the form, we will pass the information on to the insurance companies that match your needs and they will get in touch with you with quotes and policies that they have to offer.
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