Commercial Umbrella Insurance
What is commercial umbrella insurance?
A commercial umbrella insurance policy provides extra coverage for the most expensive lawsuits. It protects your business should accidents generate losses that exceed your primary policy limits.
Let’s say that your business has a $1M (million) limit on its General Liability coverage, adding a Commercial Umbrella policy with a $2M limit of liability would provide up to $3M of overall liability coverage in the event of a covered loss (subject to policy conditions).
What does commercial umbrella insurance protect?
In today’s litigious environment, even small actions and accidents can lead to large liability judgments; a customer falls on your icy walkway, or an employee wrecks a company vehicle causing serious injury to another driver. Without a solid Commercial Umbrella policy, your business may be legally responsible to pay sums that exceed your underlying policy limits.
Is it expensive?
Increasing the limits of your General Liability policy often costs more than getting a commercial umbrella so commercial umbrella insurance can be a cost-effective way to add an extra layer of protection. It’s usually purchased in $1 million increments. A “typical” policy costs from $900 – $1600. Of course, costs vary depending on the industry, size, location, and risks of your business.
- You need extended protection on a tight budget.
- A big client may require more liability insurance.
- You have lots of contact with the public.
- You worry about the exclusions in your other liability policies.
Guy Williams Insurance offers free, comparative quotes on commercial umbrella insurance from multiple insurance carriers so you can get the best rate.
Find out how much we can save you.