Commercial Umbrella Insurance is a relatively low-cost way to provide additional coverage and expands the limits your business already has in its current liability policies.
If your liability insurance offers $2 million coverage per occurrence or $4 million total, you could expand those limits to $4 million per occurrence and $6 million aggregate with a $2 million Commercial Umbrella Insurance policy.
Who Needs Commercial Umbrella Insurance?
Commercial Umbrella Insurance has flexible policies that can be tailored to meet the needs of your specific company. Remember that Commercial Umbrella Insurance only provides liability supplements to your existing liability policies.
Also, Commercial Umbrella Insurance differs from Personal Umbrella Insurance because it focuses on specific business cases, such as adding more protection on errors and omissions coverage.
When deciding if you need Commercial Umbrella Insurance, consider these possibilities:
One of your services causes injuries to your consumers.
One of your marketing campaigns results in a big loss for your clients.
One of your patients gets serious sequela after surgery.
Things To Think About
Commercial Umbrella Insurance policies have no so-called “standard form.” As such, when evaluating Commercial Umbrella policies from different insurance carriers, make sure to check each carrier’s respective policy and negotiate coverage accordingly.
In addition, be sure to mention what kinds of liability insurance you have in place for your business before speaking with an agent, or you can obtain a quote online for Commercial Umbrella Insurance.