When you start a business in Milford, PA, your primary focus usually revolves around building it, 3ecuring clients and managing cash flow. However, you also need to defend what could happen to your company. General liability insurance may not be enough. RH Worthington Group can help guide you on how umbrella insurance fits into a sound business plan.

Umbrella Insurance is a Necessity

Some new entrepreneurs view umbrella insurance as a luxury add-on or as something to consider once their company has reached a certain level. Umbrella insurance covers worst-case scenarios that could happen to your business. Most general liability policies cap payouts at $1 million, which may have seemed high in the past. Now, one incident could easily cost more than $1 million. Once your policy reaches its limit, your business is on the hook for the rest. In addition to paying medical bills and damages, legal defense is incredibly expensive. An umbrella policy kicks in when your general liability policy reaches its limit. This insurance also pays legal costs, even if you are not found liable for an incident. Without umbrella insurance, you could easily lose your business.

Beyond Peace of Mind

In today’s legal landscape, some companies will not do business with you unless you have an umbrella policy. Standard liability simply isn’t enough for enterprise clients, government contracts, or major commercial landlords. Having an umbrella policy in your business setup shows that you are serious about your work and ready to comply with requirements.

Think of your umbrella insurance policy as something that can help you avoid potential tragedies while helping your navigate daily tasks. RH Worthington Group can steer you toward a policy that will meet your needs. Contact the specialists in our Milford, PA, office to get started on this essential protection.