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Umbrella insurance often the last line of defense for small business owners

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Umbrella insurance is said to be the last line of defense in combating lawsuits, a group of advisers told The New York Times, which makes the insurance important for small business owners and entrepreneurs.

The paper said when other insurance policies reach their limit, an umbrella insurance policy can pay expenses up to the amount covered, giving many small business owners a security blanket with extra funding, when they may be low on capital.

"We talk to them about umbrella coverage almost upfront," David Bugen, an adviser at an insurance company in Morristown, New Jersey, told the newspaper. "When you do financial planning, clients want to go from Point A to B, and one of their biggest concerns is what will keep them from getting there."

According to the paper, a majority of financial advisers will recommend the insurance policy to clients who have a number of assets that need protection.

Insurance expert Miles Cooper said it is a smart practice to include uninsured motorist insurance as part of an umbrella insurance plan because it is never a bad idea to seek extra protection in case an accident happens.

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