An extra security blanket for rainy days.
Business owners typically require commercial umbrella insurance to meet contracts that call for larger coverage limits.
Extra liability protection is provided by commercial umbrella insurance for the priciest legal actions. For instance, business umbrella coverage might offer extra money to cover the shortfall if a covered lawsuit exceeds the limits of your general liability insurance policy but leaves you still liable for damages.
Umbrella liability insurance can enhance the protection offered by general liability insurance. But before you can buy umbrella liability insurance, an insurer will demand that you have a specific level of protection for the underlying policy.
The conditions and hazards covered by commercial umbrella insurance are the same as those covered by the underlying business insurance policy. If someone is injured on the premises of your company, commercial umbrella insurance, also known as excess liability insurance, can pay for your legal costs.
A general liability policy can be supplemented with commercial umbrella insurance to help cover the cost of suing for lost or damaged property belonging to third parties. If someone sues you for damage caused by your car, adding commercial umbrella insurance to your business auto insurance policy can help with the financial burden.
Employer liability insurance, normally covered by workers’ compensation insurance, can be supplemented with business umbrella insurance to help cover employee lawsuits resulting from workplace injuries.
You can call your commercial umbrella insurance a “safe bank” when all hell breaks loose, and who doesn’t need one? Reach out to Hignojos Insurance Agency today and discuss the details of your umbrella insurance policy for extra protection.