Cover Your Assets
Supplement your coverage with an umbrella policy.
If you get sued, will your current liability coverage be sufficient? For most growing businesses, the answer is probably no, but increasing your liability limits can be costly. An affordable way to supplement your existing policy is with an umbrella policy that pays when your primary one runs out, says Greg Boots, attorney and partner with Anderson Business Advisors PLLC in Kent, Washington.
Usually, you'll get your umbrella policy from the company that provides your underlying insurance, and the terms will typically mirror your primary coverage. Be sure you understand what's included and what's not. "If an item is specifically excluded in your under-lying policy, it will not be covered by the umbrella policy," Boots explains.
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
-
How Millionaires Prepare for a Recession, According to a Former Wall Street Trader
-
5 Self-Care Habits of Every Successful Entrepreneur
-
Listen Closely to What People Ask You. That's Where to Find Your Hidden Power.
-
Gen Z Customers Want More. This 3-Step Strategy Will Help Your Company Give It to Them.
-
This Founder Was Madly Pulling a Pandemic Pivot When...the FBI Showed Up at Her Door With Guns, Seized Her Money and Told Her Husband He Was the Target of a Criminal Investigation
-
Take Customer Service to the Next Level With These Service-Based Franchises
-
Define Your Short-Term Goals With These 3 Components for Long-Term Success
