Bankruptcy is one of the quickest ways to shut down a Denver business, but there are protections such as commercial umbrella insurance that will safeguard business owners from being wiped out and having to dismantle their company because of bills. With a commercial umbrella insurance policy from Denver’s Schomburg agency, we can offer you an extra layer of safety for your business that covers you where traditional insurance won’t. It is better to be safe than sorry, so take no jeopardies with your Denver business and make sure it is insured by a commercial umbrella policy.
Covering Costs with Commercial Umbrella Insurance in Denver
While you try to pick a policy where your Denver business is well-insured, sometimes unforeseen events that incur large expenses take place, which is where commercial umbrella insurance comes in handy. This type of coverage is designed to extend past the limits of traditional business insurance policies like property, auto, and general liability, so that once those carriers pay out their max, the commercial umbrella insurance policy will kick in to cover the remaining expenses that your Denver business faces. Commercial umbrella insurance is a great addition because it also provides protections for the exemptions in traditional policies. Commercial umbrella insurance can save a Denver business when they face considerable costs in legal fees, medical bills, revenue loss, or more.
When Could Umbrella Coverage Be Useful in Denver?
Commercial Auto Insurance Limits– A business in Denver has a low-level auto insurance policy that covers up to $40,000. An employee driving the company van gets into an accident and the other car has $70,000 in damage. That remaining $30,000 is covered by commercial umbrella insurance instead of falling on the business owner.
General Liability Insurance Limits- After a kitchen remodel a Denver homeowner steps on a nail and sues the contractor for medical bills totaling $140,000. Their general liability limit is $100,000, but their commercial umbrella insurance policy will pay the $40,000 that is still left over.
Commercial Property Insurance Exemptions– A flood does heavy damage totaling $300,000 to a Denver retail store, forcing a 3-week closure for repairs. The commercial property insurance does not cover floods at all, but with commercial umbrella insurance, the repairs are paid for and there are protections for loss of revenue.