get the right commercial umbrella insurance
When we help our clients with their commercial umbrella policies, we ensure that they are properly protected by boosting their limits with an umbrella policy.
Let us boost your insurance with a commercial umbrella policy. We'll get you a great rate and keep your business going strong.
What is Commercial Umbrella Insurance?
A commercial umbreall policy is is designed to provide protection against catastrophic losses. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).
Additional Information about Commercial Umbrella Insurance
Businesses that involve hazardous work, such as construction, may need extra protection against lawsuits. Umbrella insurance added to policies like employer’s liability insurance, protects against employee claims that your negligence led to an injury.
Umbrella liability insurance cannot be added to professional liability insurance that covers lawsuits over professional mistakes, including undelivered services and missed deadlines.
Commercial Umbrella Insurance is properly planning for possible risk
When a policy’s limit is met, commercial umbrella insurance gives additional coverage for liability claims made on general liability, commercial auto, or employer’s liability insurance.
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Third-party bodily injury
Third-party property damage
Damages within the underlying policy limits
Employee discrimination lawsuits
Business property damage.
For some companies, business umbrella insurance is mandatory. For example, the federal government requires businesses such as oil companies to have umbrella policies. For the general business owner, business umbrella insurance may not be required unless a contract, client or landlord requests it.
However, even if business umbrella insurance is not mandatory, it is a necessary coverage to obtain for your operation. Without coverage it's likely your business would suffer extreme financial loss.
Your business should have a general liability or business owner's policy in place to start with. If you have company vehicles, titled in the business name then you should also have a business auto policy. Those are the basic policies that a business umbrella policy would go over.
Business umbrella insurance provides additional coverage to all the underlying policies that you hold for extra protection. The excess insurance can be anywhere from one million to several million dollars.
When your benefits get exhausted by a large claim on your underlying policies, then business umbrella coverage will start. Some business umbrella policies have a deductible that would need to be met prior to coverage starting.
The cost of business umbrella insurance depends on the type of business and a variety of other factors like size, materials used, and how you run your operations. For a less risky, smaller business the business umbrella premiums can be as low as $500 annually.