Commercial umbrella insurance complements your other liability coverages by taking over, or covering over like an umbrella, when your other liability coverage limits have been reached. Commercial umbrella insurance provides an extra layer of liability protection by covering costs that go beyond your other liability coverage limits such as your general liability and auto liability policies.
Without this type of commercial insurance coverage, you’d have to pay out of pocket for ruinous liability claims that cost more than your coverage limits. These coverages include:
• Damage to other people’s property
• Judgments and settlements
• Legal costs
• Medical bills
Umbrella coverage extends the liability coverage of policies you may have with other insurance companies. This means if you have a general liability insurance policy from Company A, Company B can still help and extend coverage to you.
In general, the more your business interacts with clients and customers in person, the higher your liability risk. If you think the cost of a claim could exceed your liability limits, buying commercial umbrella insurance is a good idea.
This coverage can help if your business:
• Frequently interacts with customers
• Works on someone else’s property
• Allows the public to visit during open hours
• If people can visit your business, it increases the risk of bodily injury.
Working offsite can increase your business’ liability risk. For example, if your employees are working at a client’s house, there’s a higher risk of property damage. Some scenarios to consider:
• Your employee puts holes in the walls
• Break windows
• Damage cars
Commercial umbrella insurance covers the same types of costs as business liability insurance, such as medical expenses, attorney fees and damages when your company faces a lawsuit. A commercial umbrella policy can help cover claims of Bodily injury, whether it’s an injured customer or employee and property damage your business causes to someone else’s belongings. Commercial umbrella insurance provides additional coverage on top of your general liability policy. If you don’t have general liability insurance, you won’t be able to get commercial umbrella insurance.
Be sure to note that commercial umbrella insurance doesn’t cover every kind of claim. It also doesn’t extend the limits of certain types of policies, like commercial property insurance. Always be sure to read the policy terms and exclusions to be better acquainted with your personalized coverages.
A commercial umbrella insurance policy with $1 million in coverage can cost as little as a few hundred dollars a year. However, umbrella insurance isn’t offered as a stand-alone coverage; it works in conjunction with your other liability coverages, such as general liability insurance.
Call Waldorff Insurance and Bonding today at (850) 581-4925 for a quick and easy commercial umbrella quote. To expedite processing, be sure you have a copy of your current general liability or commercial auto insurance policies available as would will need to know how much coverage you have for each policy when you’re getting a quote.
