Business owners in Buena Vista, VA need to fully protect themselves from financial loss if an accident occurs. A liability lawsuit can be devastating to a business causing traumatic financial loss. The agents at Stonewall Grace Insurance can help business owners understand the importance of having the right type of commercial coverage for their business.
What Happens If A Lawsuit Exceeds the Limits of My Commercial Coverage?
If a person is injured and they are awarded a settlement that exceeds the amount of your current commercial policy, you may have to think about selling off assets, or even the business itself, to cover the additional cost. While the ruling may be appealed, it can spell disaster for a small business that has limited financial resources. Even if you have an ample amount of coverage, the fact is, there are times when it’s just not enough.
The Benefits Of An Umbrella Policy
If you are unsure of whether or not your coverage will be enough to cover a person’s injuries, you may want to consider adding an umbrella policy. An umbrella policy adds an additional layer of coverage to protect you from financial loss if your current commercial coverage isn’t enough.
The agents of Stonewall Grace Insurance can offer sound advice to their customers who own businesses in the Buena Vista, VA area. If you have questions about the amount of liability coverage you have for your business, contact the office today for a complete evaluation of all of your policies. They will help you determine if you are adequately covered or need to increase the amount of your policy.