Commercial Umbrella Insurance
Commercial Umbrella policies provide an insured with an extra umbrella of liability of protection over the primarily liability insurance. Most umbrella policies require an insured to initially purchase liability insurance coverage to be able to purchase an addition umbrella insurance policy. Commercial Umbrella policies are designed primarily for protection against catastrophic losses and it broadens coverage for things that your underlying policies may not cover. For example, if your auto liability covers accidents in a specific geographic area and umbrella policy could expand that area.
Do I Need Commercial Umbrella Insurance?
It always depends as not all businesses may benefit from umbrella insurance. It’s always wise to speak with one of our highly experienced insurance agents about the exact policy needed for the business in question. Here are some things to consider:
Is the business open to the public?
With many visitor from the public increases the risk of expensive general liability claims. Having umbrella insurance could help mitigate some of these costs.
Are employees driving their own vehicles for work purposes?
If so, and an employee finds themselves in a serious accident, the business could be at risk from litigation for damages regular auto coverage may not fully cover.
Is there a risk of employees becoming seriously injured on the job?
Again, similar to an auto accident, serious work accidents could trigger additional legal action where employer’s liability coverage won’t cover all associated costs.
Have a few wealthy clients?
Potential losses could be much higher in these cases and umbrella insurance can help cover those expenses.