Commercial Umbrella Insurance Products
Go beyond minimum coverage and be prepared for anything!
What’s Covered?
Commercial umbrella insurance is a type of liability insurance that provides additional coverage beyond the limits of other liability policies, such as general liability, auto liability, or employer's liability insurance. It acts as a secondary layer of protection, kicking in when the limits of the primary policies have been exhausted.
Key Points about Commercial Umbrella Insurance
Extended Coverage Limits: Commercial umbrella insurance increases the coverage limits of your primary liability policies. For instance, if you have a general liability policy with a limit of $1 million and a commercial umbrella policy with a limit of $5 million, your total coverage becomes $6 million.
Broad Coverage: It typically provides coverage for a wide range of liability risks, including bodily injury, property damage, libel, slander, and legal costs associated with defending against lawsuits.
Cost-Effective: Despite providing additional coverage, commercial umbrella insurance is often relatively inexpensive compared to increasing the limits of individual primary policies.
Legal Requirements and Contractual Obligations: In some cases, commercial umbrella insurance may be required by law, industry regulations, or contracts with clients or business partners.
Risk Management Tool: It's an essential component of risk management for businesses, particularly those exposed to high liability risks or those operating in industries where lawsuits are common.
Customizable Coverage: Policies can be tailored to suit the specific needs and risks of a business. This may include coverage for particular types of liabilities or industries.
Excess Liability Coverage: Commercial umbrella insurance is often referred to as excess liability coverage because it supplements the coverage provided by primary liability policies.
Overall, commercial umbrella insurance offers businesses added financial protection and peace of mind in the event of costly liability claims or lawsuits that exceed the limits of their primary insurance policies.
Existing Policy Review
A policy review is a crucial step to ensure that your apartment insurance coverage aligns with your current needs. We are happy to thoroughly review any of your existing policies and help further secure your future, and maybe even reduce your premium!
