Commercial Umbrella Insurance

Commercial umbrella insurance is also known as "excess liability" insurance. It is a secondary policy that covers a wide variety of contingencies. The purpose of an umbrella policy is to fill in gaps or exclusions in your primary policy. It comes into effect when the limits of your underlying insurance are exceeded. In other words, if you have coverage of $500,000 on your general liability policy, but you have a claim of $1 million, then your umbrella policy will cover the extra $500,000.

If you are concerned you might see an accident, theft, or lawsuit not totally covered by your general policy, then buying commercial umbrella insurance is the right choice. A complete commercial umbrella plan will cover just about any situation you can think of. While it is true you will be paying for a lot of coverage you may never need, the costs are worth the peace of mind. If your business is growing, it may be a good idea to talk to an insurance agent from The Insurance Smith about the ways a commercial umbrella plan can benefit you and your business.

Since lawsuits can be expensive and accidents do happen, you can never be too careful with your coverage options. That's why at The Insurance Smith, our helpful insurance experts will work with the individual needs of your business to find a level of protection that keeps you and your operations secure. Commercial umbrella insurance is simply an affordable coverage that can help you avoid major losses.

Umbrella insurance business coverage provides coverage in addition to the normal liability coverage. If your umbrella coverage is through the same company as your business liability coverage, your protection should be seamless. If you purchase commercial umbrella insurance coverage from a different company, it is important that the companies work together to defend, settle, and pay claims.

Commercial umbrella insurance is an extra layer of protection for your business. It is used to fill in the gaps present in your other policies. Let's say your general liability policy provides $1 million worth of protection. However, and accident exposes you to $1.25 million worth of liability, while a separate lawsuit throws another $1.5 million worth of liability at your business. With commercial umbrella insurance, the additional $250,000 or $500,000 in these examples will be covered. In addition, commercial umbrella insurance can provide you with protection in the event of issues like pollution damages or product recalls.

Commercial umbrella insurance tends to be relatively inexpensive for the additional protection afforded the business. As a business owner, you gain the peace of mind knowing that you are covered in the event of an expensive lawsuit.