What Is Commercial Umbrella Insurance
What Is Commercial Umbrella Insurance. Commercial umbrella insurance gives you extra coverage to help pay for costs that exceed certain liability policy limits. Commercial umbrella insurance helps to protect your business from the financial risk of large lawsuits against your company.
If you’ve purchased a business owners policy (bop), an umbrella policy can extend your coverage as well. What is commercial umbrella insurance? It generally is written over various primary liability policies, such as the business.
Insurance companies write umbrella policies with aggregate limits.
But you might not be familiar with how it works, why your business may need it, and how it differs from excess insurance and regular insurance coverage. Commercial umbrella insurance can protect your business from gaps in your coverage and from expensive lawsuits. These are the main types of business insurance policies to which commercial umbrella insurance adds coverage:
A commercial umbrella insurance policy would cover the costs of legal expenses, medical bills, damage to someone else’s property and court judgments and settlements.
If a large claim exhausts your underlying coverage, your business umbrella insurance will cover the rest, up to the limit you choose. Commercial umbrella insurance (also known as business umbrella insurance, excess liability insurance or umbrella liability insurance) is a form of liability insurance that supplements an underlying policy, such as a general liability or commercial auto insurance, and provides an extra layer of protection for your business. It can be a real superhero.
Without umbrella coverage, you’d have to pay out of pocket for liability claims that cost more than your coverage limits.
It also pays the cost of defending your business against lawsuits covered by the policy. Give us a call, message us, or fill out our quick form. Insurance is about when really bad things happen unexpectedly.
Commercial umbrella insurance provides an extra layer of protection for general liability, automobile liability, and the employers liability part of workers compensation.
What does a commercial umbrella policy cover? What is a commercial umbrella policy? A commercial umbrella insurance policy is designed to add coverage to the liability limits of specific policies.
To increase the liability coverage you already have in your commercial general liability, commercial auto and employers liability coverage.
But you might not be familiar with commercial umbrella insurance. Anyways, if you want to talk about getting insurance for your business, we’d be happy to help. In other words, commercial umbrella insurance complements your other liability coverages by taking over when your other liability coverage limits have been reached.
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