As a business owner, you risk experiencing losses at your company that are greater than your current liability policies will cover. A commercial umbrella policy will lower your chances of being involved in a claim that will significantly impact your business.
Commercial umbrella insurance serves to provide an additional layer of liability protection for your business in the event of a loss that exceeds the limits of your current General Liability, Auto Liability, Workers Compensation, and other policies. If you have a $2 million limit on your general liability policy and the costs of a claim end up adding up to $2.7 million, your commercial umbrella policy will step in to make up the $700k difference.
It’s important to note that a commercial umbrella insurance policy cannot be purchased on its own; you need to already have a liability policy such as general liability or commercial auto before trying to purchase umbrella coverage. Every business should have at least a general liability policy, so this should not be an issue.
You can purchase a commercial umbrella policy with $1 million of coverage for about $1,000 in premium per year depending on the size, location, and nature of your business. It’s a small price to pay for the peace of mind of knowing that your business can still thrive even after a large claim!
There are many situations in which a commercial umbrella policy could come in handy and save you from paying a huge sum of money in the event of a claim or lawsuit. Below are a couple of examples:
- There’s a rainstorm over the weekend which leads to a leak in the ceiling at your place of business. You call maintenance in to fix the problem, but before they get there, a customer slips and falls on your floor. Their medical expenses surpass the limits you have in place with your general liability policy, so you’d be forced to pay out of pocket without a commercial umbrella policy.
- You are in a car accident and the occupants of the other car have severe injuries that exceed the coverage on your commercial auto policy. Your commercial umbrella policy would kick in for the additional amount of the loss.
Anyone can benefit from umbrella insurance, especially considering one liability lawsuit can put a huge dent in your company’s profits. Risk Averse Insurance is an independent insurance company in Delaware County, PA, so we can shop for the best price for a commercial umbrella insurance policy for you. Give us a call at (610) 335-1139 to protect your business and its assets!
Call Risk Averse Insurance in Media, PA to discuss commercial umbrella insurance for your business.
Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.