Commercial Umbrella Insurance
Commercial Umbrella Insurance Information
What is commercial umbrella insurance?
Business owners need several different commercial insurance policies to protect their businesses. What happens if your liability exposure is higher than what your current policy covers? Commercial umbrella insurance can come to the rescue under such circumstances.
What are the benefits of commercial umbrella insurance?
Once a liability claim reaches your policy’s limits, your umbrella insurance helps cover the rest. Think of this policy as a literal umbrella perched above your underlying policies to add an extra layer of protection.
For example, say you have $1 million in coverage from your standard business insurance policies. If you face a legal settlement of $1.5 million, an umbrella policy will cover the additional $500,000.
We live in a litigious society. Lawsuits can cost a business millions. This coverage is a prudent decision to protect you against possible lawsuits. The high costs of a lawsuit can catch a business off-guard. Umbrella insurance can keep you from permanently closing your doors.
If you want higher policy limits, umbrella insurance is an affordable way to get them. This is because you don’t have to raise the limits on your other individual policies. It is important to know that umbrella insurance will not extend coverage limits on errors and omissions or professional liability policies.
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Want to learn more about how commercial umbrella insurance can protect your business? We can help. Call us today at 630-762-9090.
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