Click to CallSociety has become litigious. It’s no different in Oklahoma City, OK. State requirements change all the time, so having umbrella insurance can save you if something happens.
Legal Environment and Liability Risks
Read up on business insurance updates from the Oklahoma Insurance Department. The OID is responsible for enforcing insurance-related laws. You’ll find the most recent state changes on their site. It’s also who you must contact if you’re unsure about your business needs. You can also call Vance Insurance Group LLC for some assistance.
Exploring Liability
Your business will still be responsible even if you are not directly at fault. As a small business owner, people expect you to compensate for damages caused to others.
Liability risks can include:
- Slip-and-fall incidents
- Defamation
- Product liability
- Professional Malpractice
- Breaches of contract
- Employee injuries
What Umbrella Insurance Covers
Umbrella insurance is supplemental insurance that kicks in after primary coverage is fully applied. Policies can offer coverage of between $1 million and more than $10 million.
It will cover liability scenarios such as:
- Bodily injury
- Property damage
- Personal injury claims
- Legal fees
- Settlements
Gaps filled by umbrella insurance include:
- Damages or injuries exceed primary policy limits
- Lawsuit defense costs
- Attorney fees and related court expenses
- Possibly libel and slander
- False arrest
- Personal injury claims not covered by your standard insurance
Find Peace of Mind
When you have umbrella insurance, you know you’re protected if anything happens. Contact us at Vance Insurance Group LLC if you’d like to chat about your options. We’d love to work with you to figure out how umbrella insurance can help you in and around Oklahoma City, OK. Our experts are ready to help!
