Running a business in Maryland comes with its fair share of risks. From customer injuries on your premises to lawsuits over contractual disputes, even the most prepared business owners can find themselves facing unexpected liabilities. That’s where umbrella insurance steps in as an important safety net.
At Unity Insurance, we help physicians and businesses understand how umbrella insurance enhances their existing policies and why it’s a key layer of protection. Whether you own a medical practice or an investment property, an umbrella policy ensures that one lawsuit or accident doesn’t put your financial future in jeopardy.
What Is Umbrella Insurance?
Umbrella insurance is a supplemental liability policy that provides coverage beyond the limits of your existing homeowners, general liability, commercial auto, or employer liability policies. It kicks in when claims exceed the coverage amount of your primary policies, preventing your business from having to pay out of pocket for substantial settlements or judgments.
For example, if your general liability insurance in Maryland covers up to $1 million in damages but a court awards a plaintiff $2.5 million, your umbrella policy would cover the remaining $1.5 million (up to its limit), protecting your assets and keeping your business afloat.
Who Needs Umbrella Insurance?
While all businesses benefit from general liability insurance, certain industries and business types are at a higher risk of costly claims, making umbrella insurance a smart investment. If you fall into any of the following categories, it may be time to consider additional coverage:
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Small Businesses with Customer Interaction – If customers or clients visit your premises, there’s always a risk of accidents leading to lawsuits.
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Construction and Contracting Companies – These businesses face high-risk environments where liability claims from workplace injuries or property damage can be substantial.
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Professional Services (Law Firms, Medical Offices, Accountants, etc.) – In addition to malpractice insurance, professionals can face costly lawsuits related to employee conduct, property damage, or workplace injuries.
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Hospitality and Retail Businesses – Restaurants, hotels, and retail stores have significant foot traffic, increasing the likelihood of customer injuries.
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Transportation and Fleet Operations – Businesses with company vehicles can face major financial losses if a severe accident results in lawsuits or medical claims that exceed their auto policy limits.
The Benefits of Umbrella Insurance for Maryland Businesses
When working with a Maryland small business insurance agency like Unity Insurance, business owners quickly realize the value of umbrella insurance in strengthening their risk management strategy. Here’s how it benefits you:
1. Expanded Liability Coverage
Even businesses with robust primary insurance policies can face claims that exceed their limits. Umbrella insurance ensures you won’t have to dip into your personal or business assets to cover excess costs.
2. Protection Against Legal Costs
Lawsuits are expensive, even if you’re not at fault. Umbrella insurance covers legal defense fees, court costs, and settlements, helping businesses avoid financial strain.
3. Safeguarding Your Business’s Future
A single claim beyond your policy limits can bankrupt a small business. Umbrella insurance provides peace of mind, allowing you to operate confidently without fear of a financial catastrophe.
4. Covers a Wide Range of Incidents
An umbrella policy extends beyond general liability insurance in Maryland. It also supplements employer liability, auto liability, and other coverage gaps, ensuring broader protection.
How Much Umbrella Coverage Does Your Business Need?
Determining the right coverage amount depends on several factors, including:
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Your industry risk level (construction and hospitality tend to have higher liability risks).
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Your business assets and potential financial exposure.
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The number of employees and clients interacting with your business.
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The limits of your existing liability policies.
At Unity Insurance, we help Maryland businesses assess their specific risks and tailor umbrella policies that provide the right level of protection.
No business owner wants to face financial ruin due to an unforeseen lawsuit or accident. With general liability insurance in Maryland and a well-structured umbrella insurance policy, you can ensure your business stays protected—even when the unexpected happens.
How the Trusted Insurance Partners at Unity Insurance Can Help
Regularly reviewing and updating your business insurance policy may seem overwhelming, but working with a knowledgeable Maryland small business insurance agency simplifies the process. At Unity Insurance, we take a proactive approach to policy management, ensuring your practice is always adequately protected. Whether you’re expanding, upgrading equipment, or navigating regulatory changes, we’re here to help you make informed decisions.
If you need assistance with business insurance, medical office insurance, or employee benefits, our team is here to help. Contact us to schedule a policy review today!
Speak With An Agent At Unity Insurance About Your Virginia and Maryland Insurance Needs Today
Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. At Unity Insurance, we know insurance plays a vital role in every stage of your life and business so our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options.
We work with clients in Maryland and Virginia to provide the best plan for individual needs. Call 410-539-6642 to learn how the experienced insurance professionals at Unity Insurance can assist you.