When Does a Commercial Umbrella Insurance Policy Make Sense?

September 12, 2019 Blog

Insight From The Business Insurance Center

Many companies mistakenly assume that their existing policies will provide blanket coverage. Therefore, when a claim arises, they are often perplexed that insurance did not pay for everything. The reality is that your coverages have limitations. Most businesses will probably not reach their maximum limits but some do. What can you do when a disaster strikes and your plan is tapped out?

Just as you prepare for a rainy day by dressing appropriately, your business can do the same by purchasing commercial umbrella insurance. The experienced staff at the Business Insurance Center help companies of all sizes obtain the protection they need. Talk to us today and experience the difference of working with us.

Signs You May Want Commercial Umbrella Insurance

Not every enterprise needs the extra protection an umbrella policy brings. Here are a few questions to ask to see if it may be a smart move for you:

 

  • What Type of Third-Party Liabilities Do You Face? If you have been sued in the past, you are already aware of the risks you face. For example, the chances of accidents increase when you have regular third-party visitors, such as customers. Also, if any of your employees use their cars for business purposes, there is increased exposure. Are you concerned that an employee could sue you for negligence that may have contributed to their injury? Worker’s Compensation can help with the medical expenses, but it will likely stop there.
  • What Coverage Requirements Do Your Clients or Partners Have? Depending on the nature of your work, some clients may want you to have coverage that exceeds your existing policies. For example, a contract may require you to have at least $2 million per occurrence, but your existing general liability only allows for $1 million. A commercial umbrella policy can help fill in the gap.
  • Do You Want to Increase Your Policy Limits Without Busting Your Budget? An umbrella policy is an effective way to expand the limits of several of your insurance plans without drastically increasing your premiums. A Business Insurance Center broker can explain your options.

 

Think of umbrella insurance as a second line of defense that extends your limits while filling in gaps after your primary coverage stops.

 

Get an Additional Level of Protection with Commercial Umbrella Insurance

Plan for financial stability and give your company a hedge of additional protection with commercial umbrella insurance. The brokers at the Business Insurance Center are experienced and ready to assist you in getting you the best coverage for your needs. We will work with you to customize a plan that gives you the fullest coverage possible for your business. Contact us today, and let’s see what we can accomplish together.

 

Request a quote for a commercial umbrella insurance policy or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.

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