Cover Your Business With Umbrella Liability Insurance
As a business owner, keeping your business insured is one of the most important financial decisions you can make. But if you don’t have a sufficient amount of coverage, your current policy may not have the extra layer of protection needed for situations that can jeopardize your finances or even your operations.
With Commercial Umbrella Insurance from King Insurance, you can protect your business and your assets in the event that your company is involved in a major lawsuit.
A Commercial Umbrella policy will provide your business with additional coverage should a lawsuit or major accident exceed the limits of your existing, or underlying, General Liability, Auto Insurance, or other business liability policy. It can also insure an incident that occurs outside of your coverage territory.
What Does Commercial Umbrella Insurance Cover?
Major lawsuits are a result of accidents that occur either on or off the premises of your business. The following are examples of situations where Commercial Umbrella coverage can safeguard your business:
- Accidental falls or slips on your property;
- If one of your products causes injury or illness; and/or
- If your business vehicle is involved in an accident.
Umbrella business insurance picks up when the limits are met for a commercial general, commercial auto, employers, or commercial watercraft liability policy. Essentially, it’s a failsafe for these when these specific business insurance policies have maxed out their coverage for the situation. The insurance limits provided by existing liability policies are expanded with umbrella liability insurance and increases coverage for certain areas otherwise not covered by existing policies.
Who Can Benefit From Commercial Umbrella Insurance?
Anyone can benefit from umbrella commercial insurance coverage. While few businesses are legally required to have this type of coverage, it’s a good idea to discuss this type of coverage regardless of your industry. Because lawsuits are filed every day, a business needs to be able to defend itself at a moment’s notice — often for many weeks and months. Legal expenses quickly add up and may surpass the limits of a general liability policy along with any business reserves. Commercial umbrella insurance takes effect as soon as other applicable policy limits are met and can help you avoid dipping into reserves to pay for related expenses.
What Umbrella Business Insurance Policies Don’t Cover
Umbrella business insurance policies aren’t available in conjunction with every type of insurance coverage. It isn’t applicable with claims involving errors and omission or professional liability; property insurance; or any expense that has already been covered by an underlying policy. For commercial umbrella insurance to be applicable, the business must have current coverage from an appropriate underlying policy, such as general liability insurance.
King Insurance can examine your business needs and current insurance policies to determine if umbrella coverage is relevant. As a full-service commercial insurance company, our agents create custom policies to fit your business needs and risks. We can also help you raise current policy limits for policies that aren’t supplemented with umbrella commercial insurance to make sure your business is aptly protected.
How Much Umbrella Coverage Is Enough?
Since lawsuits can be expensive and accidents do happen, you can never be too careful with your coverage options. That’s why at King Insurance, our helpful insurance experts will work with the individual needs of your business to find a level of protection that keeps you and your operations secure. We dive deeply into all risks your business may face now and in the future and account for the amount of liability with an appropriate level of liability coverage. Commercial Umbrella Insurance is simply an affordable coverage that can help you avoid major losses. Protect your business personally and financially with a Commercial Umbrella policy from King Insurance.