Catastrophe sometimes quickly hits your Memphis, TN, company in the form of an unexpected lawsuit. Umbrella insurance provides your business with an extra layer of protection from many types of unexpected risks, including lawsuits, liability claims, employee vehicle accidents, and much more. Tackett Insurance Inc. can advise business owners on how much umbrella insurance coverage is appropriate for their company.

A Policy Can Give You Peace of Mind

If you work in a litigation-prone industry, you could easily go bankrupt. A single jury award can wipe you out financially if the amount goes past your limits from other policies like general liability.  New businesses are especially at risk if unsatisfied customers claim inexperience or an accident on your property harmed them. Umbrella policies can also protect you from multiple smaller claims, which can slowly max out your liability limits.

Who Can Benefit the Most?

All companies can benefit from umbrella insurance, especially small ones. However, some industries have inherent risks that make them more vulnerable. Consider getting an umbrella policy for these reasons:

• Your company manufactures dangerous materials
• Employees are frequently in dangerous situations
• Employees frequently drive for business
• You rent heavy equipment
• You work on others’ property

Anyone who has commercial property open to the public is also at risk. If someone sustains an injury on your property or an employee acts inappropriately, lawsuits can quickly follow. Some contracts may also require you to carry umbrella insurance. Government contracts usually require you to carry umbrella insurance, but almost any contract can.

Umbrella insurance is also less expensive than most people realize, making it a worthwhile investment. Let Tackett Insurance Inc., serving Memphis, TN, help you find an appropriate umbrella policy to offer your business extra protection. We will gladly customize one that fits your needs.