Commercial Umbrella
Especially useful in high-loss situations, an umbrella policy can act as an added layer of protection to your business’s liability policies. Such a policy can provide coverage when the cost of a claim exceeds your policy’s limit of liability. For example, if your business receives a $1.5 million general liability claim after a customer injures themselves on your property, but your general liability policy limit is only $1 million, an umbrella policy could help cover the remaining $500,000.
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More Liability
An umbrella increases the liability limit that your company already has in existing, or underlying, liability policies. For instance, if your general liability policy offers $1 million coverage per occurrence or $2 million total, you could get a $2 million umbrella policy and increase those limits to $3 million per occurrence and $4 million total.
Catastrophe Claims
The financial state and operational details of your business will determine how much umbrella coverage is necessary to protect your business. Typically this is the coverage that is used when an event of extreme loss occurs.
Wide Range
Broadens coverage for things that your underlying policies may not cover. For instance, if your auto liability policy covers accidents that might occur in a specific area, an umbrella policy could expand the coverage territory.