Commercial umbrella insurance helps prepare your business for the worst.

Enhance your business policy by incorporating commercial umbrella insurance to safeguard against exceeding your coverage limits.

Most business insurance policies—whether they cover commercial liability or commercial property—are subject to a payout limit. Typically, your business would be responsible for any expenses that exceed this limit. Such unforeseen costs have the potential to jeopardize the sustainability of your business. A commercial umbrella insurance policy is activated only when your primary business insurance policy reaches its payout limit. At that point, the commercial umbrella policy will cover the remaining expenses.

Consider the scenario where you possess a liability insurance policy with coverage of $500,000 for your business; however, you incur damages amounting to $700,000. In this case, if you have a commercial umbrella policy in effect for your business, the liability policy would cover the full $500,000 initially, and subsequently, the umbrella policy would address the outstanding balance of $200,000.

Commercial umbrella insurance serves to provide an additional layer of protection, ensuring that your business is safeguarded in the event of unforeseen circumstances that exceed the limits of your standard insurance policies. In essence, should you surpass your payout limit, this policy helps to cover the additional expenses that you would otherwise be responsible for out of pocket.

Your commercial umbrella policy may encompass coverage for legal fees, medical expenses, and damages arising from liability concerns, including bodily injury and property damage.

There are several critical risk factors to evaluate, such as public access to your business, the frequency of client interactions, and the possibility of performing work at external locations.

The advantage of commercial umbrella insurance lies in its relatively low likelihood of requiring payout, which often results in a significantly lower purchase cost than anticipated. The price of your policy may vary based on the size of your business, the industry sector, and the extent of coverage you currently possess.

Commercial umbrella insurance can be instrumental in safeguarding your assets. We invite you to contact us for further information regarding your coverage options.