What is Commercial Umbrella Insurance?
Commercial umbrella insurance – a policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business.
Commercial umbrella insurance provides an extra layer of liability protection by covering costs that go beyond your other liability coverage limits. In other words, commercial umbrella insurance complements other liability coverages by taking over when you exceed your other liability coverage limits.
Who Is Umbrella Liability Insurance For?
Any business that is potentially at risk of exceeding the limits of their existing liability policies should consider commercial umbrella insurance. Umbrella Liability Insurance is great for businesses that have commercial auto insurance policy. This will help cover costs if someone sues for damages caused by your vehicle.
Retail storefront businesses that are open to the public should buy umbrella insurance. The more interactions with members of the public that your business has, the more likely you will have exposure to an incident that creates liability. When you have umbrella insurance and a customer slips and gets hurt, you will be covered.
What’s the cost of Umbrella Liability Insurance?
Umbrella premiums vary depending on the carrier, the limits, and the coverages you purchase. Ask your agent or broker for an estimate of how much an umbrella policy is likely to cost.
Besides providing increased liability limits, a commercial umbrella policy gives you these additional benefits:
- You are protected against claims that may not be covered by your underlying policies for package, auto liability and/or watercraft liability.
- You are covered world wide.
- You are covered for defense costs and attorneys’ fees associated with claims against you that are covered by your commercial umbrella policy but not by your primary policies.
Please contact us at mypfg.com today to learn more about commercial umbrella insurance!
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