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Commercial umbrella insurance, also known as excess liability insurance, is a type of insurance that provides an extra layer of liability coverage beyond the limits of your primary liability policies. It is designed to protect your business from major lawsuits or claims that exceed the limits of your primary insurance policies.
Let's say you have a general liability policy with a coverage limit of $1 million, and you are faced with a lawsuit that results in a $1.5 million settlement. Without commercial umbrella insurance, you would be responsible for the additional $500,000. However, if you have a commercial umbrella policy with a coverage limit of $2 million, it could cover the remaining $500,000.
Who Needs Commercial Umbrella Insurance:
Any business that wants an extra layer of protection beyond the limits of their primary liability insurance policies can benefit from commercial umbrella insurance. It is especially important for businesses with higher risk exposures, valuable assets, or significant public exposure.
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Let's say you have a general liability policy with a coverage limit of $1 million, and you are faced with a lawsuit that results in a $1.5 million settlement. Without commercial umbrella insurance, you would be responsible for the additional $500,000. However, if you have a commercial umbrella policy with a coverage limit of $2 million, it could cover the remaining $500,000.
Any business that wants an extra layer of protection beyond the limits of their primary liability insurance policies can benefit from commercial umbrella insurance. It is especially important for businesses with higher risk exposures, valuable assets, or significant public exposure.
The cost of commercial umbrella insurance depends on various factors, including the type of business, the amount of coverage needed, and the level of risk associated with the business. Generally, the cost is relatively affordable compared to the additional coverage it provides.
Commercial umbrella insurance is an essential safety net for businesses looking to protect themselves from major lawsuits and claims that could exceed their primary liability coverage limits. By adding this extra layer of coverage, businesses can have peace of mind knowing they have an added buffer against catastrophic financial losses.