What is Commercial Umbrella Insurance?

Commercial umbrella insurance gives you extra coverage to help pay for costs that exceed certain liability policy limits. Without commercial insurance coverage, you’d have to pay out-of-pocket liability claims that cost more than your coverage limits.

This can include:

A) Legal costs

B) Medical bills

C) Damage to other people’s property

D) Judgments and settlements

A commercial umbrella policy extends the limits of some of your primary liability insurance policies, such as general liability insurance and commercial auto insurance.

For example, suppose your company is liable for a customer’s injury at your place of business, and you are sued for $1.5 million but only have $1 million in liability coverage. In that case, a commercial umbrella policy could make up for the $500,000 shortfall, subject to the policy’s coverage limits.

What liabilities can Commercial Umbrella Insurance supplement?

A) General liability insurance

B) Employer’s liability insurance (often included in workers’ compensation)

C) Hired and non-owned auto insurance

D) Before purchasing umbrella liability insurance for any of these policies, an insurer will require you to carry at least $1 million in coverage on the underlying policy

Umbrella liability insurance cannot be added to professional liability insurance that covers lawsuits over professional mistakes, including undelivered services and missed deadlines.

Why is Commercial Umbrella Insurance important?

Commercial umbrella insurance provides an extra layer of liability protection by covering costs beyond your other liability coverage limits. In other words, commercial umbrella insurance complements your other liability coverages by taking over when your other liability coverage limits have been reached.

Connect with us today to find the right Commercial Umbrella Insurance that fits your business.

Request a Quote

Get Personalized Commercial Umbrella Insurance

This field is for validation purposes and should be left unchanged.
© 2024 Armor Insurance LLC Designed by Amplispot
Privacy Policy | Terms & Conditions
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram Skip to content