Offering Commercial Umbrella Insurance For Any And All Eligible Persons
A business umbrella policy acts as an additional layer of protection for your company, safeguarding against catastrophic losses that could otherwise have a significant financial impact. In many instances, it can be the determining factor between keeping your business afloat or facing closure.
Commercial umbrella insurance provides coverage when a covered claim arises and your existing liability policy falls short in covering all the associated expenses. While your standard business liability insurance is typically adequate for most situations, having umbrella liability coverage ensures that your business is adequately safeguarded against large-scale losses. Running a business comes with inherent risks, and operating without proper insurance amplifies those risks. While nobody wants to face a lawsuit, accidents can happen, making lawsuits unavoidable at times.
Consider the following scenarios:
Your company hosts a holiday party where excessive alcohol is served, leading to personal injury or property damage caused by intoxicated individuals.
Your commercial building experiences an undetected carbon monoxide leak, resulting in injuries or fatalities.
Your business is accused of providing inadequate professional services.
Commercial umbrella liability insurance extends coverage beyond what is provided by your business auto liability, general liability, or other liability policies. It offers additional protection against bodily injury and/or property damage.
Let’s illustrate with an example: Suppose your current policy covers you for $1 million, but you are successfully sued for $1.5 million. In such a scenario, your business umbrella coverage can step in and pay the remaining $500,000, which could be the critical difference between business survival and closure.
Determining the appropriate amount of commercial umbrella insurance coverage for your business involves various factors, including the type of business you own and the extent of coverage you already have in place.