Commercial Umbrella Insurance is a type of liability insurance that provides additional coverage for businesses beyond their primary liability policies. It protects businesses from catastrophic losses due to lawsuits or other unexpected events. Contact us for more information.
Why have Commercial Umbrella Insurance?
In today’s litigious society, businesses face a range of risks that can result in costly legal battles. Even if a business has taken steps to minimize these risks, there is always a chance that something unexpected could happen, resulting in a lawsuit. Commercial umbrella insurance provides an extra layer of protection that can help businesses avoid financial ruin in the event of a lawsuit.
Umbrella insurance policies typically provide coverage above and beyond the limits of the primary liability policies, such as general liability, employer’s liability, and commercial auto liability. For example, if a business is sued for damages that exceed the limits of their general liability policy, their umbrella insurance policy would kick in to provide additional coverage.
The amount of coverage provided by a commercial umbrella insurance policy can vary depending on the needs of the business. Some policies may provide coverage for up to $10 million or more. The cost of your insurance varies depending on several factors, including the type of business, the amount of coverage needed, and the level of risk associated with the business.
What are some risk factors for CUI?
One benefit of commercial umbrella insurance is that it can provide coverage for a wide range of risks. For example, if a customer slips and falls in a business’s store, the business’s general liability policy would provide coverage for any resulting medical expenses or damages. However, if the customer’s injuries are severe and result in a large lawsuit, the business’s general liability policy may not provide enough coverage. A policy of this type would provide additional coverage to help the business pay for any damages awarded to the customer. For example, some umbrella policies provide coverage for defamation or libel lawsuits.
In summary, commercial umbrella is an important type of insurance that can provide businesses with an extra layer of protection against catastrophic losses due to lawsuits or other unexpected events. Business should evaluate their insurance needs and consult with a qualified insurance professional. That is the best way to determine the amount of coverage needed and to find the best policy. Our team will answer any question you may have while getting you the best rate possible.