Are You Sure You Need Commercial Umbrella Insurance?
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Are You Sure You Need Commercial Umbrella Insurance?
Have you been thinking about whether or not you need a commercial umbrella insurance policy? It is becoming more important than ever to carry adequate insurance limits to protect your small business and yourself as a business owner. Having a comprehensive insurance policy can make a huge difference in protecting your small business. The right insurance policy can make a big difference in protecting your company, especially in the way of commercial umbrella protection.
What Does a Commercial Umbrella Insurance Policy Cover?
Commercial umbrella insurance extends extra protection to you and your small business when accidents occur and your current general liability insurance policy limits are insufficient to cover claims filed against you. In many cases, it picks up the slack where other liability policies for your business stop. This extends that coverage, both in terms of what it covers and the amount of protection you gain.
As with other types of small business insurance, commercial umbrella insurance has its limits. So, be sure to keep that in mind during the shopping process.
How Does a Commercial Umbrella Insurance Policy Work?
A commercial umbrella insurance policy adds a limit to the limits of your existing liability policies. The standard limit offered by an insurance carrier is usually $1 million of additional claims coverage. More often than not, a policy holder can request higher limits to adequately protect their small business.
Better yet, commercial umbrella insurance policies are not excessively expensive; for the amount of protection you get, they can be very worthwhile.
A commercial umbrella insurance policy can also broaden the types of claims covered under a small business insurance policy. Many general liability insurance policies have exclusions. An exclusion is a policy provision that eliminates coverage for a particular risk – or types of claims they will not cover. It is important to remember that commercial umbrella insurance may offer coverage to some of these previously excluded areas of coverage (review your quote or policy for details). Either way, a commercial umbrella insurance policy can be customized to meet specific outlined concerns.
Who Should Get Commercial Umbrella Insurance?
Most business owners cannot afford to run their business without a commercial umbrella insurance policy. When selecting a small business insurance policy, request to be quoted for an umbrella insurance. In today’s litigious society, risks of claims are on the rise. As a small business owner, you can protect your investment and minimize your risks with a commercial umbrella insurance policy.
Any questions? Call an agent at (708) 233-4848 for more information or for a commercial umbrella insurance quote.
