Commercial Umbrella Insurance
Commercial or Business Umbrella Insurance
Every business owner should consider commercial umbrella liability insurance. We live in a litigious society. No matter how careful you are, there is always the possibility your business will be sued. You could lose everything if a court rules against you, including your personal assets like your house and savings.
No one really expects a disaster to strike their business. But every small business is vulnerable to a major catastrophe or a lawsuit. Think about some of the devastating losses you have heard about recently and the large settlements that are awarded in courts these days. It is possible these losses could exceed your primary insurance coverage. The possibilities are endless; a plumber might repair a simple pipe and cause a flood, ruining expensive and sensitive manufacturing equipment.
Commercial Umbrella Insurance is also known as business umbrella insurance or excess liability insurance.
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What is Commercial Umbrella Insurance?
Commercial umbrella insurance, sometimes called business umbrella insurance or excess liability insurance, is an additional insurance policy commonly bought to maximize coverage terms and limits of another policy. In addition to your liability policies, commercial umbrella insurance provides an extra layer of protection if a claim surpasses your liability insurance coverage. This policy essentially raises the coverage of your existing policies.
Anyone with high-value assets should consider a commercial umbrella insurance policy. This may include heavy operating equipment, expensive automobiles, or if you are working on an expensive project for a client. Additionally, if you are working on a high-risk project or with potentially dangerous equipment an umbrella insurance policy is a safe option to have if an accident were to occur on-premise.
What Does Commercial Umbrella Insurance Cover?
Commercial umbrella insurance provides coverage for the same claims as to your liability insurance, however, it is used to cover the costs that your policy cannot cover. It does not broaden what is covered, but how much coverage you can get for a claim. For example, if your liability policy covers up to $1 million in coverage, but your claim is $1.5 million in damages, an umbrella insurance policy would prevent you from paying the remainder out of pocket.
How Much Does Commercial Umbrella Insurance Cost?
Umbrella liability insurance is important because it covers these unforeseen events. It is not expensive, and, in certain instances, it could literally save your business. Umbrella coverage is no longer a luxury. With a Contractors Liability umbrella policy, you can get up to $10 million of liability protection over and above the limits of other insurance policies, you have for your business. Contractors Liability will write umbrella coverage for business liability, auto liability, and workers’ compensation. The cost of this peace of mind insurance is surprisingly small. Give one of our agents a call or fill out the online quote form.
Protect your business. It is competitive, fast, and convenient. If you have any questions while filling out the online application, please call the toll-free numbers displayed or click on the on-line chat button and a licensed Contractors Liability insurance agent will assist you.
Why Choose Contractors Liability?
- Policies are crafted to meet your needs
- We negotiate with insurers to achieve effective solutions
- Knowledgeable and professional sales team
- A-rated insurance companies
- 24-hour claims service
- Easy payment options
- Online quotes
- Attention to detail and exceptional customer service