(Photo : Mikhail Nilov)

Owning a business has its share of risks and rewards. Being prepared for the rewards is a non-issue. However, strategic preparation for the risks is a major concern. Every enterprise, regardless of size, faces unforeseen risks. Deciding which insurer to trust and whether umbrella or liability insurance is best can be overwhelming. Fortunately, biBERK, a subsidiary of the globally renowned Berkshire Hathaway Insurance Group helmed by Warren Buffett, offers business owners decades of insurance expertise. The best news? biBerk is specifically tailored to the unique needs of small businesses.

The biBerk Advantage

A trusted provider not only ensures peace of mind but also guarantees support during tumultuous times. "Small business insurance is essential. And it's easy to shop for, learn about, and purchase it from biBERK," says a biBerk representative. From insightful articles to instant, self-service policy quotes, businesses are empowered to make informed choices. Furthermore, for those seeking personalized advice, biBERK's licensed insurance experts stand ready to clarify doubts and guide decision-making.

However, what truly distinguishes biBERK from its competitors is its singular focus on small businesses. This commitment is evident in its direct-to-consumer model. By eliminating brokers and intermediaries, biBERK can offer policies at prices up to 20% lower than many competitors.

Liability or Umbrella Insurance?

Liability insurance and umbrella insurance serve different purposes. One is not better than the other; instead, they complement each other. Having both is often the best risk management approach for many small businesses.

Liability insurance protects your business from the financial impact of lawsuits and other claims. It is an essential type of insurance for small businesses. There are different types of liability insurance, including:

• General Liability Insurance: Covers bodily injury, property damage, personal injury, and advertising injury claims.

• Professional Liability Insurance: Protects against claims of negligence, mistakes, or failure to deliver services.

• Product Liability Insurance: Covers damages arising from the use of products sold or manufactured by the business.

(Photo : cottonbro studio)

Umbrella insurance provides extra liability coverage beyond the limits of your standard liability policies. It kicks in when the underlying policy's coverage amount has been exhausted. It's useful for catastrophic events where costs exceed regular policy limits.

Which Is Best for Your Business?

• Have at Least Basic Liability Insurance: Every small business should at least have a general liability insurance policy to protect against common risks and potential lawsuits.

• Consider Professional and Product Liability Insurance: Depending on the nature of your business, you might also need professional or product liability insurance.

• Assess Your Risk for Umbrella Insurance: If your business could face large lawsuits or claims, then adding an umbrella policy can provide peace of mind and additional protection.

Next Steps

Every business is susceptible to risk. Insufficient insurance can amplify the financial strain following a lawsuit, potentially leading to a company's downfall. Substantial coverage amounting to hundreds of thousands of dollars can be secured for as little as hundreds annually.

If you're uncertain whether liability or umbrella insurance is best for your needs, you'd be well served to reach out to biBerk. After all, who better to entrust your business to than a company backed by the financial strength of the Berkshire Hathaway Insurance Group? This association is more than just a badge of honor-it's a commitment to stand by your business during its most challenging times.