Umbrella coverage provides that extra protection a business needs for big, unexpected events that can quickly exceed its primary insurance limits — from devastating multi-million-dollar lawsuits to liability claims, employee auto accidents, on-premises slip and falls, and more.
Let’s face it – business owners don’t need another thing to worry about. But here’s a big one: nearly 80% of businesses are not covered against potentially business-ending lawsuits and catastrophic losses. That’s because they fail to add commercial excess and umbrella insurance to their coverage package. The reality is that when it comes to protecting businesses, umbrella coverage is a necessity, not an option.
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Commercial umbrella insurance may cover extra expenses not included in your business insurance. For example:
Bodily injury (slip and fall) – medical expenses, attorney fees, limited damages
Property damage
Personal injury
Advertising injury
Liability claims
Umbrella insurance can protect your company against:
Extra liability insurance that goes beyond the limits of watercraft insurance
False arrest
Libel
Slander
Liability coverage on rental units you may own
Umbrella Insurance adds a safety net of extra personal liability coverage to protect you if you are found liable for property damage or bodily injury that exceeds the limits of your existing Car, Homeowners, or Renter’s Insurance. Coverage can extend to the policyholder’s spouse and any dependents or relatives that live with them.
You should have enough Umbrella Insurance to cover your net worth, including future earnings you stand to gain from investments.
Auto accidents
Bodily injury
Personal injury
Property damage
Funeral costs
Legal fees and defense costs
Medical expenses
Landlord liability
Slander
Libel
Defamation
False arrest
Malicious prosecution
Shock or mental anguish
Certain dog breeds
Incidents that take place abroad
Accidents involving rental property like watercrafts or scooters
Always consult insurance providers about the exclusions on Umbrella policies since many are based on your underlying policies or state-specific legislation.
Umbrella Insurance starts at $1 million, and it increases in $1 million increments. Consider appropriate coverage by considering:
