stay covered in a downpour of claims or a catastrophic loss.
What is Commercial Umbrella Insurance?
This type of coverage is designed to protect against catastrophic loss. Generally, it is purchased above and beyond various standard liability policies, such as commercial auto, and commercial general liability. Paying medical and legal bills for an injured claimant can add up, and in some cases it exceeds the amount of coverage of a company's general liability insurance policy.
A commercial umbrella policy has there main uses:
1.) It can kick in when the limits of basic liability policies are exhausted due to payment of claims.
2.) It can kick in when the aggregate limit of the basic liability policy in question is exhausted due to payment of claims.
3.) It can protect against some claims that are not covered by the underlying policies.
If a claim is made against your company on behalf of a wronged party, then your insurance company will pay the settlement amount up to the limits of your coverage. If the settlement exceeds your basic and umbrella coverage limits, you are responsible for paying the remainder amount out of pocket.
Like all forms of insurance, the best umbrella policies start with a comprehensive review of your assets and potential risks in order to ensure the right level of coverage.
One of our commercial experts will review your unique situation, explain all the options, and draft an umbrella policy that fits your company's needs. With our access to the best carriers in the industry, you are sure to get an outstanding price for your coverage, too. We look forward to serving you!