Umbrella Insurance

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If you’re a business owner, you know that most things that come with running a business are not certain.

You might think you have everything you need, to ensure total insurance coverage, but the truth is many of your policies only cover a certain amount of damages. Even worse, there may be gaps in your insurance coverage, which means your company may end up incurring unexpected costs. Unfortunately, your typical Commercial Liability Insurance policy won't cover everything. If only there was a sort of "insurance umbrella" for those rainy days.

Looking for extra coverage? Let us introduce you to Commercial Umbrella Insurance. The insurance that helps you keep calm while your business carries on.

Read on to see if this insurance is right for your business.

What Umbrella Insurance Is All About:

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What Is Umbrella Insurance?

Bad things happen every-single-day, and it’s impossible to know exactly how much coverage you might need to handle issues. When unanticipated situations arise, Commercial Umbrella Insurance offers an additional level of financial security. These umbrella coverage policies are designed to provide additional coverage which fills in the gaps between existing policies and takes over when the coverage on your existing policies deplete. Any business or organization interested in extending their current liability coverage and gap protection may wish to inquire about business Commercial Liability Umbrella Insurance.

Umbrella Insurance for businesses is designed for those areas you may not be considering. Whether you're in need of small business Umbrella Insurance, or a policy for your medium or large business, an Umbrella Insurance policy is designed to help keep your business up and running. Umbrella Insurance is like a safety net for unexpected liability costs.

What Does Umbrella Insurance Cover?

Getting into details...

Excess Liability

Umbrella insurance will cover any excess liability over the coverage caps of your basic insurance policies. These policies may include Commercial Automobile, Professional Liability, and General Liability. A Commercial Umbrella policy will only kick in once these basic policies have hit their coverage caps. It essentially acts as additional coverage over the other covered amounts.

Coverage Gaps

An umbrella liability policy also covers a broader scope of liabilities that may fall into a gap. This can include a variety of legal fees and costs related to issues, such as libel and slander. These forms of coverage may differ depending on the specific policy you decide to go with.

Additional limits

GL, Commercial Auto, and Workers Comp are the lines of coverage most often associated with an Umbrella policy. Umbrella Liability only insures you for additional limits based on the coverage in the underlying policies. An umbrella can exclude coverage for sub-limited incidents, double the sublimit, or include coverage up to the full limit of the umbrella.

Who Is Covered by Umbrella Insurance?

  • Your Business and Employees

Do I Need Umbrella Insurance?

Business Umbrella Insurance is not generally a requirement for businesses. After all, some business owners may consider this policy to be an unnecessary expense. However, there are some situations in which having this type of policy may be considered especially advantageous:

  • If you're in a high-risk or high liability industry: Professionals who run high risk or high liability businesses or have employees who are in danger, such as the legal trade, may invest in Umbrella Insurance to protect themselves against professional liability suits.
  • If you're interested in expanding your existing coverage limits: Policyholders who want to extend the coverage of multiple policies may find it both more convenient and less expensive to expand them all at once through an Umbrella Insurance policy.
  • If you're concerned about potential gaps in your coverage: Umbrella Insurance policies offer an additional layer of protection by providing insurance for liability issues that may fall into coverage gaps.

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What Are the Limits of Umbrella Insurance?

A Commercial Umbrella Insurance policy has a single coverage limit through which all associated insurance policies may draw. Though multiple insurance policies may be able to pull from an Umbrella Insurance policy, they will all deplete the total amount of additional coverage offered. Thus, if a company has a $5 million Commercial Umbrella Insurance policy and must initiate a $1 million excess liability Commercial Auto insurance claim against it, it will only have a remainder of $4 million in coverage for any subsequent claims.

In addition to that...

This insurance can cover you for a wide-range of things including excess liability and coverage gaps.

You'll Know It's the Right Policy If It Covers:

This insurance will usually specify the underlying policies that it covers. These policies may include:

Underlying Policies: What's Covered?

  • Commercial Auto Insurance covers collision, property, and bodily damage regarding company vehicles or driving that is done by employees for the purposes of business operations.
  • General Liability Insurance protects a business from claims regarding property damage, personal injury, and bodily injury, either on business premises or due to business operations.
  • Employer's Liability Insurance is designed to cover issues related to an employee's work-related injuries or diseases, in addition to a Workers Compensation policy.
  • Professional Liability Insurance is also often called Errors and Omissions insurance (E&O) and is designed to protect an individual from mistakes that may occur during the course of their professional operations.

Coverage Gaps: What's Covered?

This insurance will cover a variety of gaps that will usually be specified by the policy. These liability issues may include:

  • Personal injury cases which may cover any bodily damage that falls under a company or professional's liability but is nevertheless not specifically covered under existing policies.
  • Lawsuits and legal fees may include any business-related legal costs and associated legal damages that are otherwise not connected to an existing insurance policy, such as slander and libel.
  • Rented services and contracts may invoke liability that is not covered directly underneath an existing insurance policy, such as a rental automobile that was taken outside of an existing coverage zone.

What Does Umbrella Insurance Not Cover?

  • Punitive damages

  • Personal liability claims

How Much Does Umbrella Insurance Cost?

The premiums for a Commercial Umbrella Insurance policy will vary significantly based on the amount of coverage desired and the number of policies overwritten. This insurance policy can cover a few core insurance policies, or it can be designed to cover every insurance policy the business maintains. The larger the company, the more expensive the Commercial Umbrella Liability Insurance cost will be. The key factors for cost are based on the size of the business, the umbralla coverage limits, and the policies that are in place. However, the mitigation of potential risks helps justify the Umbrella Insurance policy cost An Umbrella Insurance policy quote is the best way to determine how much your business will pay.

Frequently Asked Questions

How does Umbrella Insurance work with your other policies?

The reason you want Umbrella insurance is to have an extra limit of liability in case the limits on your other policies are exhausted. Your assets need to be protected, and this is an amazing way to do so. Additionally, there may be times where the other insurance policies exclude something that the Umbrella does not.

What is the difference between Excess and Umbrella insurance?

Umbrella insurance policy can often provide coverages that the underlying policies do not. An Excess Liability insurance policy will not provide any extra coverages, it only provides an additional limit of liability over what your other policies cover. It is important that you know which one you have.

How much does a 1 million dollar Umbrella Policy cost?

Each Umbrella insurance policy will vary in price based on your operations and the underlying policy premiums. Work with an educated insurance advisor to get you quotes from several companies so you can compare your options.

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