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Startups are a vital part of the economy and can provide people with a unique sense of personal and financial freedom. However, liability lawsuits may affect many startups and put them out of business. At Miao Insurance Services, we can help Pleasanton, CA businesses get umbrella policies that meet their needs.
What Umbrella Insurance Protects
When creating a startup, there are many things that could go wrong that could affect you financially. Even small mistakes or lawsuits could seriously impact your chances of success. Thankfully, umbrella insurance can protect you from these problematic concerns and avoid devastating financial loss in a severe lawsuit situation.
What exactly is umbrella insurance? It is an additional liability policy that you can add to your current coverage that will protect you from various problematic concerns. Umbrella policies extend your policy to pay beyond what your current liability protection covers.
Why This Helps Startups
As a startup, you don’t always have a lot of money to throw around. Success is sometimes balanced on a knife’s edge, and one lawsuit could put you under. Umbrella policies would help you stay in business by paying for a lawsuit that may otherwise bankrupt you.
For instance, let’s say your company has $20,000 of capital, and you get sued for $100,000. Your current liability protection covers $70,000 of that. With an umbrella policy covering up to $500,000, you could easily pay that $100,000 and avoid going out of business.
Finding a Policy You Need
Do you feel like you need high-quality umbrella insurance policies for your startup’s needs? Please don’t hesitate to contact us at Miao Insurance Services to find the Pleasanton, CA umbrella insurance coverage help that you need. Our team will do what they can to help you.