Many Oklahoma business owners underestimate how quickly a lawsuit can exceed their basic insurance limits. Whether you’re a contractor, property owner, restaurant, or retail shop, one severe accident or legal claim can push costs far beyond the standard $1 million limits on general liability, auto, or employer’s liability policies. That’s where an umbrella policy comes in.
Umbrella liability is simply an extra bucket of protection that sits on top of your existing policies. If one of those policies reaches its limit during a claim, the umbrella steps in to cover the remaining costs. For example, if you face a $2 million lawsuit but your main policy only covers $1 million, the umbrella pays the rest—preventing the business from having to cover that gap out of pocket.
The best part is that umbrella coverage is usually very affordable compared to the amount of protection it provides. It’s one of the smartest moves for businesses that are growing, taking on larger jobs, hiring more employees, or working with the public every day. A small investment now can protect your company from a major financial hit later.
Stay Tuned For Other Great Reads In This Month’s Newsletter
- Winter Risks: How Slip-and-Fall Claims Impact Your Business Insurance
- End-of-Year Review: Business Changes to Tell Your Insurance Agent About
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