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As a business owner, you’ll need many types of insurance to protect your financial assets and your employees. If you want to be sure you’ve purchased enough coverage, you might be considering umbrella insurance. Company owners in the Oro Valley, AZ area with insurance questions can turn to our team at Old Pueblo Insurance. We’ve been working with businesses in your area since 2006.
The History of Umbrella Insurance
According to Walker Insurance, the origins of umbrella insurance date back to the late 1880s, after the enactment of the Employers’ Liability Act. However, the widespread use of umbrella policies didn’t occur until the 1960s. As individuals and businesses began to be sued for amounts that exceeded their policy limits, the popularity of umbrella insurance began to grow. When the practice of buying this type of insurance expanded, its usage increased from defense against lawsuits to provisions for increased benefits after auto accidents, criminal acts, or malpractice.
According to Walker Insurance, the future of umbrella insurance seems unlimited. As the number of potential claims and lawsuits increases, so will the need for umbrella policies. Just as AI (artificial intelligence) is assisting insurance companies in designing customized insurance solutions for their clients, other uses of AI may help umbrella insurance become a more flexible option for insurance owners. When clients use AI, they will be able to customize their policies better.
Contact Us Today for Your Appointment
Not all businesses need umbrella insurance, but if your business is growing, an umbrella policy may be the investment your company needs. Clients in the Oro Valley, AZ, area can discuss their insurance needs with our agents at Old Pueblo Insurance. We provide customized insurance advice to every client. Call us for an appointment today, and let’s talk about your insurance needs.
