Unique assets often have a couple of traits in common. First, they are typically worth more than a comparable item at market value due to their rarity. Second, they often have some kind of historical value in addition to their base market value. Third, holders and those who would like to acquire such assets are often collectors or parties who understand the added value of a unique asset, creating a sub-market for such items in the general supply and demand universe. As a result, when these kinds of assets are damaged or lost, typical liability policies don’t truly reflect full restoration.
The traditional approach to a unique asset is to take out a rider, which is an additional liability policy just for that particular unique asset. Many personal property holders do this sort of thing for a unique piece of jewelry, securing insurance coverage above and beyond a normal homeowner’s insurance policy for loss and theft of property in the house. However, for a business, the unique assets can be multiple and plenty, making a specific rider for each item very expensive and unreasonable, as well as a lot of different policies to manage.
Instead, an umbrella policy for a small business can make up the difference. Acting as a second layer of coverage behind initial policies, an umbrella policy can address the additional cost of a unique business asset and can do so for a number of assets all at once. Regardless of which asset suffers risk, the policy acts as an additional overall protection, adding value beyond just the vehicle or property base policies and similar. If your Fort Myers, FL company needs more information on how an umbrella policy can protect critical assets in your operation, contact SWFL Insurance Agency Inc. They would be glad to help and explain how additional protection can be added to your existing coverage.